Recently, USD/JPY has been trading sideways at the price of 110.13. . According to the H1 time - frame, I found a broken supply trendline in the background and a potential end of the upward correction (abc), which is a sign that buying looks risky. I also found a hidden bearish divergence on the macd 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 109.85 and at the price of 109.55.
Resistance levels: R1: 110.55R2: 111.10R3: 111.45
Support levels: S1: 109.60S2: 109.27S3:108.70
Trading recommendations for today: watch for potential selling opportunities.
