Technical analysis of USD/JPY for May 21, 2014



In Asia, Japan will release the Trade Balance, Monetary Policy Statement, BOJ Monthly Report, BOJ Press Conference and the US will release some economic data such as Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:
Resistance. 3: 102.78.
Resistance. 2: 101.58.
Resistance. 1: 101.38.
Support. 1: 101.13.
Support. 2: 100.93.
Support. 3: 100.73.

DESCRIPTION:
Please, pay attention to the levels of support 3 (100.73) and resistance 3 (102.78). 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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