FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For April 06 / 2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 85.79.
Resistance. 2 : 85.62.
Resistance. 1 : 85.45.
Support. 1 : 85.24.
Support. 2 : 85.07.
Support. 3 : 84.90.

TODAY OUTLOOK :

In the early morning the USD/JPY broke out its 3-days high at 84.90. This is all conditioned by the fact that the situation in the Middle East is still not solved, which causes the Crude Oil price to go higher, and this situation affects Japan. In particular, several analysts give a prediction for the Crude Oil price to be trading between $125 and $200. Today the pair has been trading between 85.25 and 85.50. However, please pay attention for the today's Technical Level at 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 the USD/JPY can break out and close above 85.55; set Take profit at 85.75 as the first target and 86.00 as the second target.

SELL if the USD/JPY can break out and close below 85.25; set Take profit at 85.00 as the first target and 84.90 (3-days high level) as the second target.