Recently, the USD/JPY pair has been trading sideways downwards. The price tested the level of 112.66. Anyway, according to the 4H time – frame, I found a major upward trendline (support) on the test, which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 113.35 and at the price of 113.63.
Resistance levels:
R1: 113.84
R2: 114.40
R3: 115.15
Support levels:
S1: 112.50
S2: 111.75
S3: 111.18
Trading recommendations for today: watch for potential buying opportunities.
