Analysis of USD/JPY for May 09, 2018

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Recently, the USD/JPY pair has been trading upwards. The price tested the level of 109.79. According to the H4 time frame, I found a rising channel. Buyers are in control, which is a sign that selling looks risky. Most recently, I found a breakout of the flat base in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 110.00 and 111.00.

Resistance levels:

R1: 109.38

R2: 109.62

R3: 109.90

Support levels:

S1: 108.85

S2: 108.58

S3: 108.33

Trading recommendations for today: watch for potential buying opportunities.

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