USD/JPY analysis fo February 08, 2018

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Recently, the USD/JPY pair has been trading upwards. The price tested the level of 109.78. According to the 30M time – frame, I found a successful breakout of the ascending triangle, which is a sign that buyers are in control. I also found a breakout of pivot resistance 1, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 110.10 and at the price of 110.50.

Resistance levels:

R1: 109.74

R2: 110.10

R3: 110.50

Support levels:

S1: 108.93

S2: 108.53

S3: 108.15

Trading recommendations for today: watch for potential buying opportunities.

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