Recently, the USD/JPY pair has been trading sideways at the price of 112.25. Anyway, according to the 30M time - frame, I found that sellers are in control. There is a rising in ADX in last downward leg, which is a sign of weakness. My advice is to watch for potential selling opportuntiies. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price 112.05, Fibonacci expansion 100% at the price of 111.75 and Fibonacci expansion 161.8% at the price of 111.25.
Resistance levels:
R1: 112.70
R2: 112.90
R3: 113.20
Support levels:
S1: 112.20
S2: 111.90
S3: 111.70
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com