USD/JPY analysis for October 24, 2017

Source: Forex Analysis


Recently, the USD/JPY has been trading sideways at the price of 113.70. Anyway, I found today double bottom formation, which is a sign that selling looks risky. There is also a broken pivot level at the price of 113.50, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 113.94 (R1) and 114.43 (S2).

Resistance levels:

R1: 113.93

R2: 114.43

R3: 114.78

Support levels:

S1: 113.08

S2: 112.74

S3: 112.23

Trading recommendations for today: watch for potential buying opportunities.

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