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USD/JPY analysis for July 18, 2017

Posted On 18 Jul 2017
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Recently, the USD/JPY has been trading downwards. As I expected, the price tested the level of 111.75. According to the 4H time frame, there is a rejection from resistance and lower highs, which is a sign that sellers are in control. My advice is to watch for selling opportunities. Downward targets are set at the price of 111.75 and 111.05.

Resistance levels:

R1: 112.37

R2: 112.55

R3: 112.70

Support levels:

S1: 112.00

S2: 111.85

S3: 111.65

Trading recommendations for today: watch for potential selling opportunities.

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

Source:: USD/JPY analysis for July 18, 2017

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