Recently, the USD/JPY has been trading downwards. As I expected, the price tested the level of 111.75. According to the 4H time frame, there is a rejection from resistance and lower highs, which is a sign that sellers are in control. My advice is to watch for selling opportunities. Downward targets are set at the price of 111.75 and 111.05.
Resistance levels:
R1: 112.37
R2: 112.55
R3: 112.70
Support levels:
S1: 112.00
S2: 111.85
S3: 111.65
Trading recommendations for today: watch for potential selling opportunities.
