Recently, the USD/JPY pair has been trading sideways at the price of 113.09. According to the 4H time frame, I found a broken upward channel inside of the trading range. My advice is to watch for potential selling opportunities after the retracement. The first target is set at the price of 111.70 (low of the trading range).

Resistance levels:

R1: 113.50

R2: 113.65

R3: 113.90

Support levels:

S1: 113.00

S2: 112.85

S3: 112.60

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

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