FX.co ★ USD/JPY Technical Support And Resistance for May 05 / 2011

TODAY TECHNICAL LEVEL :

Resistance. 3 : 81.04.
Resistance. 2 : 80.88.
Resistance. 1 : 80.72.
Support. 1 : 80.52.
Support. 2 : 80.36.
Support. 3 : 80.20.

TODAY OUTLOOK :

Today the USD/JPY is still in a downtrend situation, the pair is now trapped between the Support. 1 and the Support. 2 ( 80.52 - 80.36); however between these two lines there is a 3 days low level at the 80.46, if this level can be broken and the pair closes below that level, it will be going down. On the other hand, please pay attention to the 80.55 level, if these level can be broken out and the pair closes above it, the downside situation for the USD/JPY will be held.

TODAY RECOMENDATION :

BUY if the USD/JPY can break out and close above the 80.55; set the first target at 80.72 and 80.88 as the second target.

SELL if the USD/JPY can break out and close below the 80.46; set the first target at 80.36 and 80.20 as the second target.