FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For March 03/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.24.
Resistance. 2 : 82.08.
Resistance. 1 : 81.92.
Support. 1 : 81.72.
Support. 2 : 81.56.
Support. 3 : 81.39.

TODAY OUTLOOK :

Yesterday the USD/JPY re-tested the 81.75 support level; this level provided a strong support and held the pair from downside movement. Now the pair is trapped in a ranging situation between the 81.75 and the 82.25 levels. It seems today the currency will test the 82.00 level. However, please pay attention for today’s Resistance. 3 and today’s Support. 3, usually after reaching one of these levels the USD/JPY reverses between 10 pips to 20 pips. If the pair reaches one of these levels and still goes more than 50 pips in the chosen direction, this will denote that the USD/JPY has found its tendency for today.

TODAY RECOMMENDATION :

BUY if this pair can break out and close above the 81.90 level, set Take profit at 82.00 as the first target and 82.15 as the second target.

SELL if this pair can break out and close below the 81.75 level, set Take profit at 81.65 as the first target and 81.50 as the second target.