USD/JPY analysis for November 17, 2017

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Recently, the USD/JPY has been trading downwards. As I expected, the price tested the level of 112.39. According to the 30M time - frame, I found that price is trading below the pivot level (113.04), which is a sign that sellers are in control. I also found an intraday bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward target is set at the price of 112.15.

Resistance levels:

R1: 113.34

R2: 113.67

R3: 113.94

Support levels:

S1: 112.75

S2: 112.44

S3: 112.15

Trading recommendations for today: watch for potential selling opportunities.

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