USD/JPY analysis for October 12, 2017

analytics59df5097d1318.png

Recently, the USD/JPY pair has been trading sideways at the price of 112.25. Anyway, according to the 30M time - frame, I found that sellers are in control. There is a rising in ADX in last downward leg, which is a sign of weakness. My advice is to watch for potential selling opportuntiies. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price 112.05, Fibonacci expansion 100% at the price of 111.75 and Fibonacci expansion 161.8% at the price of 111.25.

Resistance levels:

R1: 112.70

R2: 112.90

R3: 113.20

Support levels:

S1: 112.20

S2: 111.90

S3: 111.70

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com