USD/JPY analysis for November 20, 2017


Recently, the USD/JPY has been trading sideways at the price of 112.24. According to the 15M time - frame, I found that price is trading below the pivot level at the price of 112.42, which is a sign that sellers are in control. I also found a bearish flag in creation, which is another sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 111.70 (pivot support 1) and at the price of 111.25 (pivot support 2).

Resistance levels:

R1: 112.89

R2: 113.61

R3: 114.10

Support levels:

S1: 111.70

S2: 111.25

S3: 110.49

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -