Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 112.85 (first target). According to the 30M time frame, I found broken rising wedge in the background. My advice is to watch for potential selling opportunities. Watch for a potential breakout of support at 112.85 to confirm further downward movement. Next downward target is set at the price of 111.90.
Resistance levels:
R1: 113.45
R2: 113.80
R3: 114.10
Support levels:
S1: 112.75
S2: 112.50
S3: 112.10
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 downwards. As I expected, the price tested the level of 112.85 (first target). According to the 30M time frame, I found broken rising wedge in the background. My advice is to watch for potential selling opportunities. Watch for a potential breakout of support at 112.85 to confirm further downward movement. Next downward target is set at the price of 111.90.
Resistance levels:
R1: 113.45
R2: 113.80
R3: 114.10
Support levels:
S1: 112.75
S2: 112.50
S3: 112.10
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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