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by ForexNewsNow Team on March 8, 2011

USD/JPY Support and Resistance for March 8th

Daily Overview – USD/JPY Technical Analysis Roundup

Drop from 83.98 retested the daily Uptrendline off 2010 low (81.76 today + see graph). Resistance at 82.45 (daily Long Term Moving Average↓), with next levels at 82.59/ .63 (weekly Medium Term Moving Average↓/ daily Bollinger midline + daily envelope top), ahead of 82.74 (daily modified Alpha Beta trend top), where pause favored.

If wrong, next levels at 83.09 (last week spike high + reaction high hourly) and 83.30/ 83.37 (weekly envelope top/daily Starc top): tough on 1st attempts.

1st Support area at 82.19 (daily Short Term Moving Average↑), with next levels at 82.02/ 81.95 (daily envelope bottom/ current week low), where pause favored.

If wrong, next levels at 81.76/ 81.73 (see above/ reaction low hourly), ahead of 81.57 (last week low + weekly modified Alpha Beta trend bottom) and 81.35/ 81.32 (weekly envelope bottom/ broken daily Downtrendline off 84.51 + daily Bollinger bottom): tough on 1st attempts.

SUPPORT

82.19 (daily ST MA↑)

82.02/ 81.95 (see below/ current week low)

81.76/ 81.57 (see below/ last week low + see above)

RESISTANCE

82.45 (daily LT MA↓)

82.59/ .63 (weekly MT MA↓/ daily Bollinger midline + see below)

82.74/ 83.09

USDJPY analysis March 8

Content provided by: KBC Bank

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