FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For March 15/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.20.
Resistance. 2 : 82.04.
Resistance. 1 : 81.88.
Support. 1 : 81.68.
Support. 2 : 81.51.
Support. 3 : 81.35.

TODAY OUTLOOK :

It seems that today the pair will be trading in a ranging situation between the 81.25 and the 82.00 levels, this is indicated by the "Spinning Top" candle bar (05:45) that acts as a "Measuring bar" today. This pattern will be a signal for the pair to go into a sideways and ranging situation until it breaks out from the higher or lower "measuring bar". 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 :

NO TRADE recommended during the FOMC Statement.