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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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USD/JPY analysis for October 12, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 112.25. Anyway, according to the 30M time - frame, I found that sellers are in control. There is a rising in ADX in last downward leg, which is a sign of weakness. My advice is to watch for potential selling opportuntiies. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price 112.05, Fibonacci expansion 100% at the price of 111.75 and Fibonacci expansion 161.8% at the price of 111.25.

Resistance levels:

R1: 112.70

R2: 112.90

R3: 113.20

Support levels:

S1: 112.20

S2: 111.90

S3: 111.70

Trading recommendations for today: watch for potential selling opportunities.

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