USD/JPY analysis for December 05, 2017


Recently, the USD/JPY pair has been trading downwards. The price tested the level of 112.41. I found successful rejection of the major median line in the backgrorund, which is a sign that buying looks risky. I also found a broken smaller upward channel inside of the larger channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 112.10 and at the price of 111.75.

Resistance levels:

R1: 112.87

R2: 113.35

R3: 113.60

Support levels:

S1: 112.14

S2: 111.89

S3: 111.42

Trading recommendations for today: watch for potential selling opportunities.

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