USD/JPY analysis for July 13, 2017

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Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 112.85 (first target). According to the 30M time frame, I found broken rising wedge in the background. My advice is to watch for potential selling opportunities. Watch for a potential breakout of support at 112.85 to confirm further downward movement. Next downward target is set at the price of 111.90.

Resistance levels:

R1: 113.45

R2: 113.80

R3: 114.10

Support levels:

S1: 112.75

S2: 112.50

S3: 112.10

Trading recommendations for today: watch for potential selling opportunities.

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