Recently, the USD/JPY pair has been trading sideways at the price of 110.65. According to the 4H time frame, I found breakout of downward channel and potential double bottom formation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. To confirm double bottom formation, I would like to see breakout of the 112.20 (pivotal point). If the price breaks the level of 112.20, the upward target will be set at the price of 114.30.
Resistance levels:
R1: 111.05
R2: 111.30
R3: 111.60
Support levels:
S1: 110.40
S2: 110.20
S3: 109.85
Trading recommendations for today: watch for potential buying opportunities.
