USD/JPY analysis for July 07, 2017

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Recently, the USD/JPY has been trading upwards. The price tested the level of 113.84. Anyway, according to the 30M time frame, I found ascending broadening wedge pattern, which is a sign that buying looks risky. I also placed Fibonacci expansion to find potential resistance. I got Fibonacci expansion 100% at the price of 113.85 (currently on the test). My advice is to watch for potential selling opportunities. The downward targets are set at the price of 113.30 and 113.00.

Resistance levels:

R1: 113.85

R2: 114.00

R3: 114.15

Support levels:

S1: 113.60

S2: 113.45

S3: 113.30

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com