USD/JPY analysis for January 08, 2018


Recently, the USD/JPY pair has been trading downwards. According to the 30M time frame, I found that the price has broken the upward channel in the background, which is a sign that buying looks risky. I also found a fake breakout of Friday's high at the price of 113.30 and hidden bearish divergence on the moving average oscillator. My advice is to watch for potential selling opportunities. The downward targets are set at the prices of 112.73, 112.58 and 112.20.

Resistance levels:

R1: 113.33

R2: 113.60

R3: 113.92

Support levels:

S1: 112.74

S2: 112.43

S3: 112.15

Trading recommendations for today: watch for potential selling opportunities

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