Recently, the USD/JPY pair has been downwards. The price tested the level of 112.33. According to the 15M time – frame, I found a fake breakout of Friday's low at the price of 112.48, which is a sign that selling looks risky. There is a hidden bullish divergence on moving average oscilator and a confirmed reversal head and shoulders formation, which is another sign of strength. My advice is to watch for potential buying opportunties. The upward targets are set at the prie of 112.90, 113.00 and 113.43.
Resistance levels:
R1: 112.73
R2: 112.79
R3: 112.90
Support levels:
S1: 112.60
S2: 112.50
S3: 112.42
Trading recommendations for today: watch for potential buying opportunities.
