FX.co ★ USD/JPY Technical Analysis. Support And Resistance Levels For April 19 / 2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.98.
Resistance. 2 : 82.82.
Resistance. 1 : 82.65
Support. 1 : 82.45.
Support. 2 : 82.29.
Support. 3 : 82.12.

TODAY OUTLOOK :

In intraday charts (red: m30), the USD/JPY formed a triangular pattern and the pair traded in a ranging situation between 82.34 and 82.70. Breakout of one of these levels can lead this pair to continue its way. However, pay attention for the today's Resistance. 3 usually after reaching these level the pair will be reverses between 10 pips to the 20 pips but if the pair after reaches these levels and still goes up more than 50 pips in, this will denote that the USD/JPY will be going up again.

TODAY RECOMENDATION :

BUY if the USD/JPY can break out and close above 82.75, set the target at 83.00 as the first target and 83.25 as the second target.

SELL if the USD/JPY can break out and close below 82.34, set the target at 82.25 as the first target and 82.02 as the second target.