USD/JPY analysis for December 15, 2017


Recently, USD/JPY has been trading downwards. The price tested the level of 112.03. Anyway, according to the 30M time – frame, I found a fake breakout of yesterday's low at the price of 112.06, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. The price is trading below yesterday's value and my advice is to watch for potetnial buying opportunities. The upward target is set at the price of 112.75.

Resistance levels:

R1: 112.83

R2: 113.26

R3: 113.65

Support levels:

S1: 112.00

S2: 111.62

S3: 111.20

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -