USD/JPY analysis for December 18, 2017

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Recently, the USD/JPY pair has been trading sideways around price of 112.51. According to the 30M time – frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found successful re-test of the supply trendline and rejection from Fibonacci retracement 61.8% at the price of 112.34. My advice is to watch for potential buying opportunities. The upawrd targets are set at the price of 112.75, 113.00 and at the price of 113.45.

Resistance levels:

R1: 112.89

R2: 113.17

R3: 113.60

Support levels:

S1: 112.18

S2: 111.75

S3: 111.45

Trading recommendations for today: watch for potential buying opportunities.

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