Recently, the USD/JPY has been trading upwards. The price tested the level of 113.07. According to the 15M time frame, I found a successful brekout of yesterday's high at the price of 112.92. I also found a successful re-test of the support, which is another sign of strength. My advice is to watch for potential buying opportunities on the dips. The upward targets are set at the price of 113.15 and 113.35 (Fibonacci based targets).
Resistance levels:
R1: 113.05
R2: 113.15
R3: 113.25
Support levels:
S1: 112.85
S2: 112.80
S3: 112.70
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com