Recently, the USD/JPY pair has been trading upwards. The price tested the level of 109.05. Anyway, according to the 30M time – frame, I found a hidden bearish divergence on the stochastic oscillator, which is a sign that buying looks risky. I also found that price successfully tested the pivot level (108.90), which is another sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 108.03 and at the price of 107.40.
Resistance levels:
R1: 109.51
R2: 110.30
R3: 111.00
Support levels:
S1: 108.02
S2: 107.40
S3: 106.54
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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