Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 112.59. According to the 30M time frame, I found a breakout of upward trendline in the background, which is a sign that sellers are in control. I also found a hidden bearish divergence in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at 112.20 and 112.05.
Resistance levels:
R1: 113.35
R2: 113.60
R3: 113.85
Support levels:
S1: 112.85
S2: 112.60
S3: 112.35
Trading recommendations for today: watch for potential selling opportunities.
