Recently, the USD/JPY has been trading downwards. The price tested the level of 106.17. Anyway, according to the 30M time-frame, I found a falling wedge pattern in creation, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator and a morning start candle formation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 107.52.
Resistance levels:
R1: 107.70
R2: 108.40
R3: 108.87
Support levels:
S1: 106.50
S2: 106.03
S3: 105.35
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the USD/JPY has been trading downwards. The price tested the level of 106.17. Anyway, according to the 30M time-frame, I found a falling wedge pattern in creation, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator and a morning start candle formation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 107.52.
Resistance levels:
R1: 107.70
R2: 108.40
R3: 108.87
Support levels:
S1: 106.50
S2: 106.03
S3: 105.35
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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