Recently, the USD/JPY pair has been trading downwards. The price tested the level of 114.49. According to the 30M time frame, I found a broken bearish flag in the background, which is a sign that sellers are in control. There is a successful test of 3/8 MTM and I am expcting a test of 2/8 MTM. Downward targets are set at the price of 114.50 (swing low) and the price of 114.05 (2/8 MTM). Watch for selling opportunities.
Resistance levels:
R1: 114.87
R2: 114.98
R3: 115.05
Support levels:
S1: 114.67
S2: 114.58
S3: 114.45
Trading recommendations for today: watch for potential selling opportunities.
