USD/JPY WEEKLY FORECAST Feb. 28 - Mar. 4, 2011
Support levels located at 80.98, 80.34, and 79.08
Pivot Point is 82.24
Resistance levels located at 82.88, 84.14, and 84.78
Avoid executing if the price is close to its Pivot Point.
If the price is close to a support level, it is advisable to enter a buy position. The higher support level you decide to buy, the higher amount of profit can be made.
If the price is close to a resistance level, it is advisable to enter a sell position. The higher resistance level you decide to sell, the higher amount of profit can be made.
The use of limits is always recommended.
The range for this week is shown in the USD/JPY weekly chart above. This weeks major announcements from the U.S. include Pending Home Sales on Tuesday Mar. 1st, the ISM Manufacturing PMI & ADP Non-Farm Employment Change on Wednesday Mar. 2nd, and the Unemployment Rate this week Friday Mar. 4th.
Japan's Statistics Bureau will release its Household Spending & Unemployment Rate results this Tuesday Mar. 1 while Capital Spending will be announced by the Ministry of Finance on Thursday Mar. 3rd.
Currently the USD/JPY rate is floating between the Pivot Point and the Support 1 area. It is very unlikely that the rate will drop down to the Support 3 at 79.08 or the Support 2 at 80.34.
Here are today's current prices:
GBP/JPY: Lowest 131.24 Highest 131.63 Current 131.53-58
EUR/JPY: Lowest 111.94 Highest 112.44 Current 112.36-41
USD/JPY: Lowest 81.61 Highest 81.78 Current 81.62-65
GBP/USD: Lowest 1.6070 Highest 1.6118 Current 1.6114-17
EUR/USD: Lowest 1.3710 Highest 1.3769 Current 1.3764-67
USD/CHF: Lowest 0.9262 Highest 0.9291 Current 0.9262-65
AUD/USD: Lowest 1.0119 Highest 1.0185 Current 1.0177-80
AUD/JPY: Lowest 82.61 Highest 83.16 Current 83.07-12