19.12.201713:58 Forex Analysis & Reviews: USD/JPY analysis for December 19, 2017

Long-term review

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Recently, the USD/JPY pair has been trading sideways at the price of 112.58. According to the 30M time - frame, I found that price rejected from the Fibonacci retracement 61.8% at the level of 112.35, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. I have placed Fibonacci expansion to find potential upward targets. I found Fibonacci expansion 61.8% at the price of 112.80 and Fibonacci expansion 100% at the price of 113.10.

Resistance levels:

R1: 112.80

R2: 113.08

R3: 113.33

Support levels:

S1: 112.28

S2: 112.03

S3: 111.76

Trading recommendations for today: watch for potential buying opportunities.

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