USD/JPY analysis for October 20, 2017

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Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 113.46. According to the 15M time – frame, I found a broken pivot resistance 1 at the price of 113.03, which is a sign that buyers are in control. Stochastic is showing oversold condition on latest downward correction, which is sign that that bullish activity may resume. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 113.50 (R2) and extreme target at the price of 113.85 (S3).

Resistance levels:

R1: 113.03

R2: 113.50

R3: 113.85

Support levels:

S1: 112.17

S2: 111.80

S3: 111.32

Trading recommendations for today: watch for potential buying opportunities.

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