Technical analysis of USD/JPY for July 08, 2014



In Asia, Japan will release the Current Account, Bank Lending y/y, Economy Watchers Sentiment. The US will release some economic data such as NFIB Small Business Index, JOLTS Job Openings. So there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.29.
Resistance. 2: 102.09.
Resistance. 1: 101.89.
Support. 1: 101.64.
Support. 2: 101.44.
Support. 3: 101.24.

DESCRIPTION:
Please, pay attention to the levels of support 3 (101.24) and resistance 3 (102.29). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.


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