FX.co ★ USD/JPY analysis for July 20, 2017

Recently, the USD/JPY pair has been trading upwards. The price tested the level of 112.41. According to the 4H time frame, I found a broken wedge formation in the backgorund and a series of lower highs and lower lows, which is a sign that sellers are in control. Reistance at the price of 112.30 is on the test. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 111.60 and 111.00.

Resistance levels:

R1: 112.25

R2: 112.40

R3: 112.55

Support levels:

S1: 111.90

S2: 111.75

S3: 111.60

Trading recommendations for today: watch for potential selling opportunities.