USD/JPY analysis for December 29, 2017

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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 112.48. According to the 4H time – frame, I found a breakout of upward trendline, which is a sign that buyers lost power and sellers took control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 112.05 and at the price of 111.88.

Resistance levels:

R1: 113.25

R2: 113.62

R3: 113.95

Support levels:

S1: 112.57

S2: 112.27

S3: 111.88

Trading recommendations for today: watch for potential selling opportunities.

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