Forex: USD/JPY gives away recovery, dips to 81.60

Thu, 28 Apr 2011 08:42:00 +0200

Forex: USD/JPY gives away recovery, dips to 81.60

FXstreet.com (Barcelona) - Dollar rebound from bounced up from 81.25 low yesterday extended through 82.40 resistance area to hit 82.80 high, and the pair pulled back aggressively, weighed by widespread Dollar weakness after Fed statement, returning below 82.00, to bottom at 81.60.

On the downside, below 81.60 (day low) the pair might find support at 81.25 (Apr 25 low), and 80.70 (March 23 low). On the upside the pair remains capped by intra-day resistance at 81.80, with next resistance levels at 82.25 /day high) and 82.80 (Apr 27 high).

EUR/JPY recovery from 118.50 low on Tuesday, extended sharply yesterday, breaching through 120.40 resistance area, reaching fresh 2-week highs at 121.85, to ease through Asian session hitting day low at 121.05 ahead of the European session opening.

Technical Analysis (2011-04-28 06:15 GMT)

USD/JPY 81.71/81.74 - O: 81.855 H: 81.91 L: 81.8 C: 81.9

Trend R3: 82.1060
R2: 81.9017
R1: 81.6975
S1: 81.2542
S2: 81.4583
S3: 81.6625