FX.co ★ Analysis of USD/JPY for April 03, 2017

Recently, the USD/JPY pair has been trading sideways at the price of 111.45. On the 15M time frame, I found broken downward channel and successful re-test which is sign that selling looks risky. There is also a strong hidden bullish divergence in the background which is another sign of potetnial strength. My advice is to watch for potential buying opportunities. The first target is set at the price of 112.15.

Resistance levels:

R1: 111.45

R2: 111.50

R3: 111.40

Support levels:

S1: 111.22

S2: 111.15

S3: 111.05

Trading recommendations for today: watch for potential buying opportunities.