FX.co ★ USD/JPY analysis for July 21, 2017

Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 111.26. According to the 4H time frame, the price is still making lower highs and lower lows, which is a sign that sellers are in control. Strong breakout of a rising wedge in the background is a strong technical signal for a further downward move. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 111.00 and 111.65.

Resistance levels:

R1: 111.68

R2: 112.00

R3: 112.20

Support levels:

S1: 111.15

S2: 111.95

S3: 110.60

Trading recommendations for today: watch for potential selling opportunities.