FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For March 29/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.03.
Resistance. 2 : 81.87.
Resistance. 1 : 81.71.
Support. 1 : 81.51.
Support. 2 : 81.35.
Support. 3 : 81.19.

TODAY OUTLOOK :

Today the USD/JPY has been trading in a ranging situation between the 81.50 and the 81.75 levels, and it seems that today the pair will test the 3-days high level at 81.80 if it can break out and close above the 81.75 level. However, please 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 the 81.80 level, set Take pforit at 82.00 as the first target and 82.25 as the second target.

SELL if the USD/JPY can break out and close below the 81.50 level, set Take profit at 81.33 as the first target and 81.25 as the second target.