Recently, the USD/JPY has been trading downawrds. As I expected, the price tested the level of 108.13. Anyway, according to the 1H time frame, I found that there is a hidden bullish divergence on the oscilators and also a divergent bar. The price did break that up fractal, which is another sign of strength. The trend is still downward but I expect upward correction. Upward targets are set at the price of 108.80 and 109.35. The idea will be invalid if the price breaks the level of 108.13.
Resistance levels:
R1: 108.40
R2: 108.48
R3: 108.55
Support levels:
S1: 108.25
S2: 108.18
S3: 108.10
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the USD/JPY has been trading downawrds. As I expected, the price tested the level of 108.13. Anyway, according to the 1H time frame, I found that there is a hidden bullish divergence on the oscilators and also a divergent bar. The price did break that up fractal, which is another sign of strength. The trend is still downward but I expect upward correction. Upward targets are set at the price of 108.80 and 109.35. The idea will be invalid if the price breaks the level of 108.13.
Resistance levels:
R1: 108.40
R2: 108.48
R3: 108.55
Support levels:
S1: 108.25
S2: 108.18
S3: 108.10
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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