FX.co ★ USD/JPY Technical analysis, Support and Resistance Levels for December 16, 2010

Today Technical Level:

Resistance. 3 : 84.61.
Resistance. 2 : 84.44.
Resistance. 1 : 84.28.
Support. 1 : 84.07.
Support. 2 : 83.90.
Support. 3 : 83.73.

Today Outlook:

After this pair broke through and closed above the 84.25 level yesterday, it seems the USD/JPY will re-test again the 84.00 level. If this pair breaks out and closes below the mark of 84.00, then the pair will probably move to 83.75 as a first target and to 83.50 as a second target. In the other hand, if this pair breaks through and closes above the 84.50 level, then the USD/JPY will move upside again to 84.75 as a first target and to 85.00 as a second target. However, please pay attention to today’s Resistance. 3 and today Support. 3, usually after reach this level the USD/JPY will reverse between 10 pips to 20 pips, but if the pair after reaches one of these levels and still goes more than 50 pips in the chosen direction, then this will denote that the USD/JPY has found its tendency for today.