Recently, the USD/JPY pair has been trading downwards. The price tested the level of 113.12. Anyway, according to the 30M time – frame, I found a broken pennant formation in the background, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. I have placed Fibonacci expansion to find potential upward targets. I found Fibonacci expansion 100% at the price of 113.40 and Fibonacci expansion 161.8% at the price of 113.60.
Resistance levels:
R1: 113.35
R2: 113.45
R3: 113.58
Support levels:
S1: 113.11
S2: 112.00
S3: 112.88
Trading recommendations for today: watch for potential buying opportunities.
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