Recently, the USD/JPY pair has been trading upwards. The price tested the level of 107.00. According to the 4H time frame, I found that price rejected from the upper band of the Bolinger band, which is a sign that market is "too long". I also found a rejection of the supply trendline and overbought conditions on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 105.90.
Resistance levels:
R1: 107.46
R2: 108.08
R3: 109.15
Support levels:
S1: 105.78
S2: 104.70
S3: 104.10
Trading recommendations for today: watch for potential selling opportunities.
