The pair fell over 200 pips yesterday but ultimately was stopped by the 1.3900 area and has since bounced higher. This keeps the bias upwards for today, but more news out of the US could make for a volatile day.

Upside resistance is at 1.3980, 1.4000-1.4010, 1.4050. Beyond that 1.4080 is likely to hold. 1.4140 is the resistance level beyond.

Minor support is present at 1.3940. 1.3900-13890 is a significant area for multiple reasons. There is little resistance until 1.3825 if a legitimate break occurs. 1.3800 and 1.3750 are both support levels beyond.

USD/JPY Pullback

After breaking lower over the last couple days the pair has pulled back and is heading for the 96.30 resistance level. A push above that level would indicate a test of resistance in the 96.50-96.60 area and if that fails to hold, 97.20 beyond.

Support is at 95.60 and 95.00.

More news out of the US today is likely to make for a wide ranging day.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

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