Topic: Technical analysis of USD/JPY for April 02, 2014

In Asia, Japan will release the Monetary Base y/y and the US will release some economic data such as ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 104.35.

Resistance. 2: 104.15.

Resistance. 1: 103.94.

Support. 1: 103.69.

Support. 2: 103.48.

Support. 3: 103.28.

DESCRIPTION:

Please, pay attention to the levels of support 3 (103.28) and resistance 3 (104.35). 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.