Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level 110.76. According to the 1H time frame, I found that price is trading inside of well-defined downward channel. My advice is to watch for potential selling opportunities. The price failed to go above ML (medium line), which is a sign that buying looks risky. Downward targets are set at the price of 110.72 and 110.50.
Resistance levels:
R1: 111.70
R2: 111.95
R3: 112.35
Support levels:
S1: 110.90
S2: 110.65
S3: 110.25
Trading recommendations for today: watch for potential selling opportunities.