Recently, the USD/JPY pair has been trading sideways near to the price of 114.00. According to the 4H time frame, I found a fake breakout of yesterday's high at 114.32, which is a sign that buying looks risky. My advice is to watch for selling opportunities. The downward targets are set at the price of 113.65 and 113.10. The short-term trend is upward but I found that buyers lost power and that we may see at least a pullback.
Resistance levels:
R1: 114.35
R2: 114.55
R3: 114.85
Support levels:
S1: 113.80
S2: 113.65
S3: 113.35
Trading recommendations for today: consider potential selling opportunities.
