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USD/JPY analysis for June 06, 2017

Posted On 06 Jun 2017
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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 109.56. Anyway, I found that price had already filled an average daily range and even went above it, which is a sign that selling at this point looks risky. There is a hidden bullish divergence in the background, which is another sign of strength. My advice is to watch for potential buying opportuntiies. The upward target is set at the price of 110.28.

Resistance levels:

R1: 109.85

R2 :109.95

R3: 110.00

Support levels:

S1: 109.60

S2: 109.50

S3: 109.35

Trading recommendations for today: watch for potential buying opportunities.

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

Source:: USD/JPY analysis for June 06, 2017

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