USD/JPY analysis for December 07, 2017


Recently, the USD/JPY pair has been trading upwards. The price tested the level of 112.80. According to the 30M time - frame, I found that price has broke an intraday upward channel, which is a sign that buying looks risky. I also found hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling oppportunities. The downward targets are set at the price of 112.30 and at the price of 112.00.

Resistance levels:

R1: 112.61

R2: 112.95

R3: 113.25

Support levels:

S1: 112.00

S2: 111.66

S3: 111.33

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -