Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 110.48. According to the H1 time – frame, I found a broken resistance trendline and bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities if you see a valid breakout of the bullish flag. The upward target is set at the price of 111.40.
Resistance levels:
R1: 110.62
R2: 110.93
R3: 111.41
Support levels:
S1: 109.83
S2: 109.35
S3: 109.05
Trading recommendations for today: watch for potential buying opportunities.