Recently, the USD/JPY has been trading upwards. The price tested the level of 109.77. Anyway, according to the 30M time – frame, I found a confirmed head and shoulders pattern, which is a sign that buying looks risky. I also found a rejection of pivot resistance, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 108.70 and at the price of 108.00.
Resistance levels:
R1: 109.90
R2: 110.40
R3: 111.11
Support levels:
S1: 108.70
S2: 108.01
S3: 107.50
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com