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Technical analysis of USD/JPY for March 21, 2014

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In Asia, Japan will not release any economic data’s because of the Bank Holiday and the US will not release any statistics too. So there is a big probability the USD/JPY will move with low or medium volatility during this day.

TODAY’s TECHNICAL LEVELS:

Resistance. 3: 102.86.

Resistance. 2: 102.66.

Resistance. 1: 102.46.

Support. 1: 102.21.

Support. 2: 102.00.

Support. 3: 101.80.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.80) and resistance 3 (102.86). 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.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For more analysis go to: blog.mt5.com/arief

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company – www.instaforex.com
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