FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For March 17/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 79.96.
Resistance. 2 : 79.80.
Resistance. 1 : 79.64.
Support. 1 : 79.45.
Support. 2 : 79.30.
Support. 3 : 79.13.[/b]

TODAY OUTLOOK :

In the early morning (after opening the daily candle) the pair suddenly broke out of its 3 days low at 79.59 and started bearish movement until it hit 76.50. After that the pair reversed to the upside again until it hit the 79.75 Resistance level to create a new peak. However, this peak is still below the previous peak at 81.18. This implies that the Bearish situation is still in advance. Today after making new peaks this pair is expected to start going down again; the 79.00 level will probably be tested.

TODAY RECOMMENDATION :

BUY if this pair can break out and close above 79.75, set Take profit at 80.00 as the first target and 80.25 as the second target.

SELL if this pair can break out and close below 78.87, set Take profit at 78.75 as the first target and 78.50 as the second target.