USD/JPY analysis for February 16, 2018


Recently, the USD/JPY has been trading downwards. The price tested the level of 105.54. Anyway, accorrding to the 30M time – frarme, I found fake breakout of yesterday's low at the price of 106.01, which is signt that selling looks risky. I also found a hidden bullish divergence on the moving aveage oscillator, which is another sign of strength. My advice is to watch forr potential buying opportunities. The upward target is set at the price of 106.85.

Resistance levels:

R1: 106.75

R2: 107.36

R3: 107.72

Support levels:

S1: 105.75

S2: 105.42

S3: 104.80

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -