Rate gives back overnight gains on whipsaw, likely to trade both sides of unchanged tonight ahead of US data tomorrow. Rate firms up on large cross-spreading traders say; look for a push on stops around the 107.00 handle. OK to place a resting order at the 107.50 area to sell the rate. Bids noted at 105.70/80 area suggesting a firm bottom is in near-term. Sell a rally if we get it.

Exponential reversal signal still valid, rate is two-way but a correction is coming and should be a low-volume affair. Offers layered to 107.50 some desks report so upside may be labored above the 106.50 area; stops above 106.80 or so. Expect more two-way action overnight ahead of US data.

USD/JPY Daily

Resistance 3:  107.40/50
Resistance 2:  107.20
Resistance 1:  106.80
Latest New York:  105.97
Support 1:  105.70/80
Support 2:  105.50
Support 3:  105.20

Data due Thursday: All times EASTERN (-5 GMT)

Nil

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com