09.07.201812:32 Forex Analysis & Reviews: USD/JPY analysis for July 09, 2018

Long-term review

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Recently, USD/JPY has been trading sideways at the price of 110.45. According to the H1 time - frame, I found a potential end of the upward correction (abc flat), which is a sign that buying looks risky. My advice is to watch for a potential breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of 109.40.

Resistance levels:

R1: 110.48R2: 110.50R3: 110.55

Support levels: S1: 110.40S2: 110.37S3: 110.35

Trading recommendations for today: watch for potential selling opportunities.

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