Recently, the USD/JPY has been downwards. As I expected, the price tested the level of 112.26. The first downward target at 112.85 has been reached. Anyway, according to the 4H time frame, I found a successful breakout of support and re-test, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities with the target at the price of 111.75.
Resistance levels:
R1: 112.75
R2: 112.88
R3: 112.93
Support levels:
S1: 112.50
S2: 112.40
S3: 112.25
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com