Recently, the USD/JPY pair has been trading downwards. The price tested the level of 108.83. According to the 30M time frame, I found bearish divergence and weak demand in the backgorund, which is a sign that buying looks risky. The short-term trend is bearish and my advice is to watch for potential selling opportunities. The price also broke upward trendline, which is another sign of weakness. The downward targets are set at the price of 108.50 and 108.00.
Resistance levels:
R1: 109.55
R2: 109.95
R3: 110.50
Support levels:
S1: 108.60
S2: 108.00
S3: 108.65
Trading recommendations for today: watch for potential selling opportunities.
