FX.co ★ USD/JPY Weekly Forecast for February 28 to March 4 /2011

WEEKLY OUTLOOK :

Last week the USD/JPY has tested the triangular pattern for several few times and succeeded to break out and close below it. However this currency has faced the Fibonacci Support 23.6% at the 81.55 level that has acted as a strong support for the last week. It is likely that this level will be tested again this week. However, if the spot rate can break out and close below the 81.55 level, it will cause the rate to test the next support target at the 81.00 level. On the other hand, if the 81.55 provides as a strong Support Level or that level is broken but the 81.00 level becomes the next strong support, this pair will go up to the 81.55 level again as the first target and the Fibonacci 38.2% Resistance at 82.35 as the next target for this whole week.