FX.co ★ USD/JPY analysis for March 16, 2017

Recently, the USD/JPY pair has been trading downwards. The price tested the level 113.25. According to the 15M time frame, I found a fake breakout of the support and strong reaction from buyers. There is also a hidden bullish divergence, which is another sign of intraday strength. My advice is to watch for potential intraday buing opportunities. The targets are set at the price of 114.00 and 114.50.

Resistance levels:

R1: 114.50

R2: 114.90

R3: 115.60

Support levels:

S1: 113.15

S2: 112.65

S3: 112.05

Trading recommendations for today: watch for potential buying opportunities.