Recently, the USD/JPY pair has been trading upwards. The price tested the level of 109.61. According to the H1 time – frame, I found a potential contracting flat corrective phase in creation, which is a sign that selling looks risky. I also found a breakout of the supply trendline and a hidden bullish divergence on the MACD oscillator in the background, which is another sign of strength. Watch for potential buying opportunities. The upward target is set at the price of 110.00.
Resistance levels:
R1: 109.40
R2: 109.47
R3: 109.53
Support levels:
S1: 109.27
S2: 109.21
S3: 109.15
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com