Recently, the USD/JPY has been trading sideways at the price of 111.30. According to the 30M time - frame, I found that price is testing an upward trendline (resistance), which is a sign that buying looks risky.Also, I found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 111.73 (pivot support 1) and at the price of 110.36 (pivot support 2).
Resistance levels:
R1: 111.57
R2: 112.06
R3: 112.42
Support levels:
S1: 110.73
S2: 110.36
S3: 109.87
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company -
www.instaforex.com
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