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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 December 07, 2017

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Recently, the USD/JPY pair has been trading upwards. The price tested the level of 112.80. According to the 30M time - frame, I found that price has broke an intraday upward channel, which is a sign that buying looks risky. I also found hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling oppportunities. The downward targets are set at the price of 112.30 and at the price of 112.00.

Resistance levels:

R1: 112.61

R2: 112.95

R3: 113.25

Support levels:

S1: 112.00

S2: 111.66

S3: 111.33

Trading recommendations for today: watch for potential selling opportunities.

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