Recently, the USD/JPY has been trading downwards. The price tested the level of 110.62. According to the 4H time frame, I found that sellers are still in control and that breakout of rising wedge from a week ago was the main reason why sellers entered the market. My advice is still to watch for selling opportunities. I found lower high and lower lows, which is a sign that buying looks risky. The final downward target is set at the price of 108.85 (projected wedge target).
Resistance levels:
R1: 111.20
R2: 111.35
R3: 111.52
Support levels:
S1: 110.85
S2: 110.70
S3: 111.55
Trading recommendations for today: watch for potential selling opportunities.
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