Recently, the USD/JPY pair has been trading downwards. The price tested the level of 108.73. Anyway, according to the 30M time – frame, I found a fake breakout of yesterday's low at the price of 108.96, which is a sign that selling looks risky. I also found a bullish engulfing candle pattern, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 109.50 and at the price of 110.03.
Resistance levels:
R1: 110.04
R2: 110.87
R3: 111.40
Support levels:
S1: 108.68
S2: 108.14
S3: 107.30
Trading recommendations for today: watch for potential buying opportunities.
