Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 110.11. According to the 1H time frame, I found that price trading inside the strong downward channel and my advice is to watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. The first short-term downward target is set at the price of 109.30 (Fibonacci expansion 100%). The short-term outlook is bearish.
Resistance levels:
R1: 110.90
R2: 111.10
R3: 111.30
Support levels:
S1: 110.45
S2: 110.30
S3: 110.05
Trading recommendations for today: watch for potential selling opportunities.
