USD/JPY analysis for November 16, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 113.18. According to the 30 time - frame, I found a rising wedge in progress, which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward target is set at the price of 112.47 (swing low),

Resistance levels:

R1: 113.42

R2: 113.96

R3: 114.40

Support levels:

S1: 112.40

S2: 111.93

S3: 111.38

Trading recommendations for today: watch for potential selling opportunities.

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