Recently, the USD/JPY pair has been trading sideways at the price of 112.65. Anyway, according to the 1H time frame, the USD/JPY is in a strong downward trend and I found a downward channel. The upper diagonal of the channel is acting like resistance, which is a sign that buying looks risky. My advice is to watch for selling opportunties. The targets are set at the price of 112.25 (median line) and at the price of 111.52 (lower diagonal of the channel).
Resistance levels:
R1: 112.80
R2: 112.90
R3: 113.10
Support levels:
S1: 112.45
S2: 112.35
S3: 112.20
Trading recommendations for today: watch for potential selling opportunities.
