Recently, the USD/JPY pair has been trading sideways at the price of 111.45. According to the 1H time frame, I found hidden bearish divergence in the background, a symmetrical triangle is being formed. My advice is to watch for a potential breakout of the support to confirm the bearish scenario. The first downawrd target is set at the price of 110.60. I see that USD/JPY is still in the short–term downward trend.
Resistance levels:
R1: 111.50
R2: 111.65
R3: 111.90
Support levels:
S1: 111.05
S2: 110.90
S3: 111.65
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the USD/JPY pair has been trading sideways at the price of 111.45. According to the 1H time frame, I found hidden bearish divergence in the background, a symmetrical triangle is being formed. My advice is to watch for a potential breakout of the support to confirm the bearish scenario. The first downawrd target is set at the price of 110.60. I see that USD/JPY is still in the short–term downward trend.
Resistance levels:
R1: 111.50
R2: 111.65
R3: 111.90
Support levels:
S1: 111.05
S2: 110.90
S3: 111.65
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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