Support & Resistance
Support and Resistance on USD/JPY
February 4, 2010
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Chart Analysis
We can see here on the JPY/USD 240 that there was what looked like not a very strong level of resistance. But the market can utilize any level of support or resistance that it wants to use. Unfortunately we as traders never know which levels are going to hold or not.
Keep that in mind and when you see support or resistance on the larger time frames just drop to the small time frames. Once at the smaller timeframes you will then be able to look for confirmation of an entry into the trade. Keep it Simple.
Analysis
Support or Resistance can make you a lot of pips on a monthly basis. One thing to keep in mind while you are trading it is that you have to focus on the larger time frames first. If you only look at the small timeframes then you may run into a road block and not even know why.
Market Forecast
4 THUR
February 2010
| EUR/UD | GBP/USD | USD/JPY | USD/CHF | USD/CAD | AUD/USD | NZS/USD | |
|---|---|---|---|---|---|---|---|
| Resistance 3 | 1.4397 | 1.6377 | 91.22 | 1.0420 | 1.0313 | .9320 | .7438 |
| Resistance 2 | 1.4392 | 1.6410 | 91.18 | 1.0384 | 1.0292 | .9318 | .7435 |
| Resistance 1 | 1.4386 | 1.6515 | 91.05 | 1.0291 | 1.0277 | .9289 | .7399 |
| Current Price | 1.4293 | 1.6352 | 91.10 | 1.0329 | 1.0330 | .9213 | .7380 |
| Support 1 | 1.4365 | 1.6210 | 90.61 | 1.0249 | 1.0239 | .9203 | .7358 |
| Support 2 | 1.4334 | 1.6062 | 90.59 | 1.0244 | 1.0223 | .9173 | .7350 |
| Support 3 | 1.4263 | 1.5895 | 90.23 | 1.0219 | 1.0205 | .9169 | .7328 |
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