USD/JPY analysis for October 27, 2017

Recently, the USD/JPY has been trading upwards. The price tested the level of 114.31. According to the 15M time – frame, I found few doji candles and bullish breakout, which is a sign that buyers are in control. The price is trading above the pivot level (113.80), which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 114.27 (R1), 114.50 (R2) and 115.00 (R3, extreme intraday target).

Resistance levels:

R1: 114.27

R2: 114.50

R3: 115.00

Support levels:

S1: 113.52

S2: 113.06

S3: 112.80

Trading recommendations for today: watch for potential buying opportunities.

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