EUR/JPY analysis for August 17, 2017

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Recently, the EUR/JPY pair has been trading downwards. The price has tested the level of 128.77. According to the 4H time frame, I found a breakout of the rising wedge, which is a sign that sellers are in control and that buying looks risky. Another sign of weakness is the fake breakout of the resistance cluster in the background. There is a flip on the RSI oscilator from bullish to berish, which is an indication that buyers got exhausted. Watch for potential selling opportutnieis. The downward targets are set at128.00 and 127.50.

Resistance levels:

R1: 130.25

R2: 130.80

R3: 131.25

Support levels:

S1: 129.30

S2: 128.90

S3: 128.30

Trading recommendations for today: watch for potential selling opportunities.

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