USD/JPY analysis for December 12, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 113.45. Anyway, according to the 30M time – frame, I found a hidden bullish divergence on the stochastic oscillator, which is a sign that selling looks risky. The short - term trend is bullish. My advice is to watch for a potential breakout of 113.50 to confirm a further upward movement. The upward targets are set at the price of 113.74 (pivot resistance 1) and at the price of 113.94 (pivot resistance 2).

Resistance levels:

R1: 113.74

R2: 113.95

R3: 114.20

Support levels:

S1: 113.29

S2: 113.05

S3: 112.85

Trading recommendations for today: watch for potential buying opportunities.

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