FX.co ★ USD/JPY analysis for May 02, 2017

Recently, the USD/JPY has been trading sideways at the price of 112.20. According to the 4H time frame, the price almost reached projected target (symmetrical triangle) at the level of 112.40. The short – term trend is bullish. My advice is to watch for potential buying opportunities. If the price breaks the level of 112.40, USD/JPY may visit the level of 112.80.

Resistance levels:

R1: 112.10

R2: 112.40

R3: 112.90

Support levels:

S1: 111.40

S2: 110.90

S3: 110.60

Trading recommendations for today: watch for potential buying opportunities.