USD/JPY analysis for May 18, 2018

Source: Forex Analysis

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Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 111.02. According to the H1 time – frame, I found broken intraday bullish flag, which is a sign that buyers are in control. The trend is bullish and the MACD oscillator is rising, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 111.40.

Resistance levels:

R1: 111.12

R2: 111.38

R3: 111.90

Support levels:

S1: 110.35

S2: 109.82

S3: 109.56

Trading recommendations for today: watch for potential buying opportunities.

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