FX.co ★ USD/JPY analysis for March 07, 2017

Recently, the USD/JPY pair has been trading sideways at the price of 113.95. According to the 1H time frame, I found Fibonacci confluence at the price of 113.60-113.50. The price rejected from the confluence area which is a good sign for potential bullish movement. My advice is to watch for potential buying opportunities. The targets are set at the price of 114.70 (swing high) and the price of 115.45 (Fibonacci expansion 61.8%).

Resistance levels:

R1: 114.17

R2: 114.45

R3: 114.80

Support levels:

S1: 113.55

S2: 113.25

S3: 112.95

Trading recommendations for today: watch for potential buying opportunities.