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USD/JPY analysis for May 12, 2017

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Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 113.46. Anyway, today I found that the price failed to test a previous low and a supply trend line got broken, that is a sign that selling looks risky. My advice is to watch for potential buying opportunties. The upward target is set at the price of 114.35.

Resistance levels:

R1: 113.77

R2: 113.85

R3: 113.98

Support levels:

S1: 113.55

S2: 113.50

S3: 113.40

Trading recommendations for today: consider potential intraday buying opportunities.

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