FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For March 30/2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.99.
Resistance. 2 : 82.83.
Resistance. 1 : 82.67.
Support. 1 : 82.47.
Support. 2 : 82.30.
Support. 3 : 82.14.

TODAY OUTLOOK :

The USD/JPY had a bullish momentum a few days ago; however, today since early morning the pair has been trading in a ranging situation between the 82.25 and the 82.50 levels. A breakout of 82.50 will advance its upside momentum; on the other hand, a breakout below 82.25 will hold the Bullish momentum for today. 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 RECOMENDATION :

BUY if this pair can break out and close above 82.50, set Take profit at 82.75.

SELL if this pair can break out and close below 82.25, set Take profit at 82.00.