FX.co ★ Technical analysis of USD/JPY for February 21, 2014

In Asia, Japan will release the Monetary Policy Meeting Minutes, and the US will release the economic data such as US-Existing Home Sale. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.95.

Resistance. 2: 102.75.

Resistance. 1: 102.55.

Support. 1: 102.30.

Support. 2: 102.10.

Support. 3: 101.90.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.90) and resistance 3 (102.95). 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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