Recently, the USD/JPY pair has been trading upwards. The price tested the level of 106.16. According to the 30M time – frame, I found a shakeout in the background, which is a sign that sellers got trapped. I also found a successful rejection of 21SMA, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 106.42 and at the price of 107.00.
Resistance levels:
R1: 106.35
R2: 106.80
R3: 107.15
Support levels:
S1: 105.55
S2: 105.21
S3: 104.76
Trading recommendations for today: watch for potential buying opportunities.
