Recently, the USD/JPY pair has been trading upwards. The price tested the level of 111.88. Anyway, according to the 30M time frame, I found a fake breakout of yesterday's high at the price of 111.66, which is a sign that buying looks risky. Price action confirmed a successful rejection from 111.66 and my advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 111.02 and 110.85 (gap area).
Resistance levels:
R1: 111.60
R2: 111.70
R3: 111.85
Support levels:
S1: 111.40
S2: 111.30
S3: 111.20
Trading recommendations for today: consider potential selling opportunities.
