Recently, the USD/JPY pair has been trading upwards. The price tested the level of 106.55. According to the 4H time – frame, I found the breakout of resistance at the price of 106.25, which is a sign that selling looks risky. I also found a pinbar, which marked successful testing of supply. My advice is to watch for potential buying opportunities. The upward target is set at the price of 108.03.
Resistance levels:
R1: 106.37
R2: 106.65
R3: 107.00
Support levels:
S1: 105.75
S2: 105.40
S3: 105.11
Trading recommendations for today: watch for potential buying opportunities.
