Recently, the USD/JPY pair has been trading downwards. The price tested the level of 109.88. According to the 1H time frame, I found a broken bearish flag and bearish divergence on the OSMA osilator. There is a head and shoulders formation in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 109.15.
Resistance levels:
R1: 110.20
R2: 110.45
R3: 110.60
Support levels:
S1: 109.85
S2: 109.70
S3: 109.45
Trading recommendations for today: watch for potential selling opportunities.
