Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 111.06. According to the 30M time - frame, I found that price is trading below the pivot level at the price of 111.61. I also found a symmetrical triangle in creation, which is a sign that price is consolidating. My advice is to watch for a potential bearish breakout of the triangle to confirm a further downward movement. The downward targets are set at the price of 110.75 (pivot support 1) and at the price of 110.26 (support 2).
Resistance levels:
R1: 112.09
R2: 112.97
R3: 113.44
Support levels:
S1: 110.74
S2: 110.26
S3: 109.39
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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