Technical analysis of USD/JPY for May 9, 2014


In Asia, Japan will release the Leading Indicators and the US will release some economic data such as JOLTS Job Openings, Wholesale Inventories m/m. So there is a big probability the USD/JPY will move with low volatility during this day.
TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.20.
Resistance. 2: 102.00.
Resistance. 1: 101.80.
Support. 1: 101.56.
Support. 2: 101.36.
Support. 3: 101.16.

DESCRIPTION:
Please, pay attention to the levels of support 3 (101.16) and resistance 3 (102.20). 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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