Analysis of EUR/JPY for August 23, 2017

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Recently, the EUR/JPY pair has been trading sideways at the price of 128.70. Anyway, according to the 30M time frame, I found a broken upward trendline and contraction between the swings, which is a sign that buying looks risky. The Moving average oscilator is showing a hidden bearish divergence, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward target projection is set at the price of 127.55.

Resistance levels:

R1: 129.30

R2: 129.70

R3: 130.25

Support levels:

S1: 128.35

S2: 127.85

S3: 127.45

Trading recommendations for today: watch for potential selling opportunities.

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