USD/JPY analysis for July 17, 2017

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Recently, the USD/JPY has been downwards. As I expected, the price tested the level of 112.26. The first downward target at 112.85 has been reached. Anyway, according to the 4H time frame, I found a successful breakout of support and re-test, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities with the target at the price of 111.75.

Resistance levels:

R1: 112.75

R2: 112.88

R3: 112.93

Support levels:

S1: 112.50

S2: 112.40

S3: 112.25

Trading recommendations for today: watch for potential selling opportunities.

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

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