Technical analysis of USD/JPY for May 22, 2014

In Asia, Japan will release the Flash Manufacturing PMI, BOJ Monthly Report, and the US will release some economic data such as Unemployment Claims, Flash Manufacturing PMI, Existing Home Sale, CB Leading Index m/m, Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY’s TECHNICAL LEVELS:

Resistance. 3: 102.94.

Resistance. 2: 101.74.

Resistance. 1: 101.54.

Support. 1: 101.29.

Support. 2: 101.09.

Support. 3: 100.89.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.89) and resistance 3 (102.94). 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,

Official Analyst of InstaForex Group
InstaForex Group
http://instaforex.com
email: Arief.jakarta@indo.instaforex.com
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