Recently, the USD/JPY pair has been trading downwards. The price tested the level of 112.45. Anyway, according to the 30M time – frame, I found a selling climax from yesterday, which is a sign that selling looks risky. Watching the market profile histogram, I found that price is trading away from the point of control (113.33), which also indicates that selling looks risky. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 113.10 and 113.30.
Resistance levels:
R1: 113.25
R2: 113.97
R3: 114.37
Support levels:
S1: 112.13
S2: 111.75
S3: 111.02
Trading recommendations for today: watch for potential buying opportunities.
