Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 111.94. According to the 15M time – frame, I found a series of lower lows and lower highs, which is a sign tha sellers are in control. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 111.65 and at the price of 111.00.
Resistance levels:
R1: 112.70
R2: 112.96
R3: 113.23
Support levels:
S1: 112.17
S2: 111.91
S3: 111.64
Trading recommendations for today: watch for potential selling opportunities.
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