USD/JPY analysis for May 17, 2018

analytics5afd4d869ad65.png

Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 110.75. According to the H1 time – frame, I found broken bullish flag in the background, which is sign that buyers are in control. I also found rising MACD histogram, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 111.40.

Resistance levels:

R1: 110.50

R2: 110.64

R3: 110.87

Support levels:

S1: 110.13

S2: 109.91

S3: 109.75

Trading recommendations for today: watch for potential buying opportunities.

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