USD/JPY analysis for December 27, 2017

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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 113.12. Anyway, according to the 30M time – frame, I found a broken pennant formation in the background, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. I have placed Fibonacci expansion to find potential upward targets. I found Fibonacci expansion 100% at the price of 113.40 and Fibonacci expansion 161.8% at the price of 113.60.

Resistance levels:

R1: 113.35

R2: 113.45

R3: 113.58

Support levels:

S1: 113.11

S2: 112.00

S3: 112.88

Trading recommendations for today: watch for potential buying opportunities.

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