Recently, the USD/JPY pair has been trading downwards. The price tested the level of 106.85. According to the 30M time - frame, I found a successful breakout of support at the price of 107.40, which is a sign that sellers are in control. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 106.65 and at the price of 105.85.
Resistance levels:
R1: 108.60
R2: 109.37
R3: 109.95
Support levels:
S1: 107.22
S2: 106.62
S3: 105.85
Trading recommendations for today: watch for potential selling opportunities.
