Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 111.26. According to the 4H time frame, the price is still making lower highs and lower lows, which is a sign that sellers are in control. Strong breakout of a rising wedge in the background is a strong technical signal for a further downward move. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 111.00 and 111.65.
Resistance levels:
R1: 111.68
R2: 112.00
R3: 112.20
Support levels:
S1: 111.15
S2: 111.95
S3: 110.60
Trading recommendations for today: watch for potential selling opportunities.
