USD/JPY analysis for January 12, 2018

Source: Forex Analysis

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Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 110.97. According to the 30M time – frame, I found a broken bearish pennant, which is a sign that sellers are in control. Another sign of weakness is the breakout of yesterday’s low at the prrice of 111.04. My advice is to watch for potential selling opportunities. The downward target is set at the price of 110.60.

Resistance levels:

R1: 111.75

R2: 112.25

R3: 112.60

Support levels:

S1: 110.90

S2: 110.55

S3: 110.05

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com