USD/JPY analysis fo February 19, 2018

analytics5a8aa67d0b65c.png

Recently, the USD/JPY has been trading upwards. The price tested the level of 106.65. Anyway, according to the 30M time – frame, I found a successful rejection of pivot resistance 1 at the price of 106.60, which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 106.40 and at the price of 106.08.

Resistance levels:

R1: 106.60

R2: 106.93

R3: 107.46

Support levels:

S1: 105.75

S2: 105.22

S3: 104.90

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com