Recently, USD/JPY has been trading sideways at the price of 110.45. According to the H1 time – frame, I found a potential end of the upward correction (abc flat), which is a sign that buying looks risky. My advice is to watch for a potential breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of 109.40.
Resistance levels:
R1: 110.48R2: 110.50R3: 110.55
Support levels: S1: 110.40S2: 110.37S3: 110.35
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, USD/JPY has been trading sideways at the price of 110.45. According to the H1 time – frame, I found a potential end of the upward correction (abc flat), which is a sign that buying looks risky. My advice is to watch for a potential breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of 109.40.
Resistance levels:
R1: 110.48R2: 110.50R3: 110.55
Support levels: S1: 110.40S2: 110.37S3: 110.35
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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