USD/JPY analysis for October 19, 2017


Recently, the USD/JPY has been trading sideways at the price of 112.55. Anyway, according to the 15M time - frame, I found testing of pivot support 1 around the price of 112.36, which is a sign that selling looks risky. There is a hidden bullish divergence on the stochastic oscilator, which is another sign of strength. My advice is to watch for potential buying opportuntiies. Upward targets are set at the price of 113.28 (R1) and 113.60 (R2).

Resistance levels:

R1: 113.28

R2: 113.60

R3: 114.18

Support levels:

S1: 112.36

S2: 111.80

S3: 111.45

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -