Recently, the USD/JPY pair has been trading sideways at the priceo f 111.25. According to the 4H time frame, I found a broken downward channel and successful re-test of the critical support at the price of 110., which is a sign that selling looks risky. There is also a potential double bottom formation. The key pivotal point of this formation is set at the price of 112.20. My advice is to watch for potential buying opportunities if the price breaks the level of 112.20. The first upward target will be set at the price of 114.30.
Resistance levels:
R1: 111.32
R2: 111.45
R3: 111.55
Support levels:
S1: 111.05
S2: 111.00
S3: 110.85
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com