FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For March 10 /2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 83.16.
Resistance. 2 : 83.00.
Resistance. 1 : 82.83.
Support. 1 : 82.64.
Support. 2 : 82.47.
Support. 3 : 82.31.

TODAY OUTLOOK :

Today the pair is trading on the upside, however the USD/JPY is moving in a ranging situation between 82.69 and 82.87. Please pay attention for the 82.93 level (3 days high) because there is a possibility it will be tested. If the USD/JPY can break out and close above the 82.87 Resistance level. However, pay attention for the today's Resistance. 3 and today's Support. 3; usually after reaching one of these levels the pair reverses between 10 pips to the 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 the USD/JPY can break out and close above 82.87, set Take profit at 82.93 as the first target and 83.00 as the second target.

SELL if the USD/JPY can break out and close below 82.69, set Take profit at 82.60 as the first target and 82.50 as the second target.