USD/JPY analysis for January 26, 2018 26.01.2018

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Exchange Rates 26.01.2018 analysis

Recently, the USD/JPY has been trading upwards. The price tested the level of 109.77. Anyway, according to the 30M time – frame, I found a confirmed head and shoulders pattern, which is a sign that buying looks risky. I also found a rejection of pivot resistance, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 108.70 and at the price of 108.00.

Resistance levels:

R1: 109.90

R2: 110.40

R3: 111.11

Support levels:

S1: 108.70

S2: 108.01

S3: 107.50

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2018

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