25.01.201110:46 Forex Analysis & Reviews: USD/JPY Technical Analysis. Support And Resistance Levels For January 25th/2011

Long-term review

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TODAY TECHNICAL LEVEL :

Resistance. 3 : 82.81.
Resistance. 2 : 82.65.
Resistance. 1 : 82.48.
Support. 1 : 82.28.
Support. 2 : 82.11.
Support. 3 : 81.95.

TODAY OUTLOOK :

After this pair got into a Bearish situation yesterday, it started retracing to test the Fibonacci Resistance 50% at the 82.60 level, now the critical level is at 82.25. However, please pay attention to today’s Resistance. 3 and today’s Support. 3, usually after reaching one of these levels the USD/JPY reverses between 10 pips to 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 82.75; and set Take profit for 10 pips to 15 pips.

SELL if the USD/JPY can break out and close below 82.25; and set Take profit for 10 pips to 15 pips.

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