Recently, the USD/JPY pair has been trading sideways at the price of 112.91. Anyway, according to the H4 time – frame, I have found rejection of the key resistance (confluence level) at the price of 113.17 (Multi Fibonacci level), which is a sign that buying looks risky. I have also found that price went below the 3 DMA, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 112.30 and at the price of 112.05.
