USD/JPY analysis for May 16, 2018

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Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 110.48. According to the H1 time – frame, I found a broken resistance trendline and bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities if you see a valid breakout of the bullish flag. The upward target is set at the price of 111.40.

Resistance levels:

R1: 110.62

R2: 110.93

R3: 111.41

Support levels:

S1: 109.83

S2: 109.35

S3: 109.05

Trading recommendations for today: watch for potential buying opportunities.

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