Recently, the USD/JPY pair has been trading downwards. The price tested the level of 113.34. According to the 4H time frame, I found a breakout of a 1-month rising wedge, wich is a sign that buying looks risky. Another sign of weaknes is a hidden bearish divergence on the moving average osiclator. My advice is to watch for selling opportuntiies. The downward targets are set at the price of 112.85 and 111.90.
Resistance levels:
R1: 113.60
R2: 113.70
R3: 113.85
Support levels:
S1: 113.30
S2: 113.20
S3: 113.05
Trading recommendations for today: watch for potential selling opportunities.
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