FX.co ★ USD/JPY analysis for March 08, 2017

Recently, the USD/JPY pair has been trading sideways at the price of 114.10. According to the 1H time frame, I found another successful rejection of the Fibonacci confluence at the price of 113.60, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. Targets are set at the price of 114.70 (swing high) and the price of 115.45 (Fibonacci expansion 61.8%).

Resistance levels:

R1: 114.12

R2: 114.25

R3: 114.40

Support levels:

S1: 113.75

S2: 113.65

S3: 113.50

Trading recommendations for today: watch for potential buying opportunities.