Recently, the USD/JPY has been trading upwards. The price tested the level of 111.43. Anyway, according to the 30M time frame, I found potential bearish flag formation, which is a sign that buying looks risky. My advice is to watch for a potential breakout of a bearish flag to confirm further downward movement. I would like to see a breakout of 111.25. I have also placed moving averages 144 and 240 to see short term trend and the price is testing these averages at the moment. Downward target is set at the price of 110.80.
Resistance levels:
R1: 111.90
R2: 112.60
R3: 113.00
Support levels:
S1: 110.75
S2: 110.30
S3: 109.60
Trading recommendations for today: watch for potential selling opportunities.
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