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USD/JPY analysis for November 27, 2017

analytics5a1c078353fe5.png

Recently, the USD/JPY pair has been trading downwards. The price tested the level of 111.09. According to the 30M time - frame, I found a broken bearish flag formation, which is a sign that sellers are in control. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The short-term trend is bearish. My advice is to watch for potential selling opportunities. The downward target is set at the price of 110.65 (Fibonacci expansion 61.8%). Key intraday support is set at the price of 111.06.

Resistance levels:

R1: 111.68

R2: 111.87

R3: 112.11

Support levels:

S1: 111.25

S2: 111.00

S3: 111.82

Trading recommendations for today: watch for potential selling opportunities.

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