31.03.201110:47 Forex Analysis & Reviews: USD/JPY Technical Analysis. Support And Resistance Levels For March 31/2011

TODAY  TECHNICAL  LEVEL :

Resistance. 3 : 83.43.
Resistance. 2 : 83.27.
Resistance. 1 : 83.10.
Support. 1 : 82.90.
Support. 2 : 82.74.
Support. 3 : 82.57.

TODAY  OUTLOOK :

The USD/JPY Bullish movement seems to be held by the 3-days high at 83.13 that acts as a strong Resistance; since the pair reversed down after hitting this level  the USD/JPY is likely to test the 82.75 support 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 83.00, set Take profit at 83.13 as the first target and 83.25 as the second target.

SELL if the pair can break out and close below 82.72, set Take profit at 82.50 as the first target and 82.32 as the second target.