Recently, the USD/JPY has been trading downwards. As I expected, the price rejected from the 2.1 standarad deviations and upper band, which is a sign that buying got exhausted. I also found a hidden bearish divergence on the %b 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 105.90 and at the price of 104.60.
Resistance levels:
R1: 106.80
R2: 107.20
R3: 107.48
Support levels:
S1: 106.15
S2: 105.87
S3: 105.48
Trading recommendations for today: watch for potential selling opportunities.
