FX.co ★ USD/JPY analysis for November 03, 2017

Recently, the USD/JPY has been trading sideways at the price of 114.10. According to the 15M time - frame, I found that price is trading above the pivot level 113.95), which is a sign that buyers are in control today. I also found intraday inverted head and shoulders formation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upwards targets are set at the price of 114.35 (pivot resistance 1), 114.60 (pivot resistance 2) and at the price of 115.00 (pivot resistance 3).

Resistance levels:

R1: 114.35

R2: 114.61

R3: 115.00

Support levels:

S1: 113.67

S2: 113.26

S3: 113.00

Trading recommendations for today: watch for potential buying opportunities.