FX.co ★ USD/JPY analysis for March 23, 2017

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.