Euro Yen: inside bar pattern, resistance level at 124.23

Euro Yen short term scenario leaves assume a price movements between support and resistance levels. Inside bar pattern drawn on daily chart.

Euro Yen close slightly lower. Trading session of the 11/05/2016 ends at 123.86 (-0.28%). Technical overview is neutral. The short term scenario leaves assume price movements between support and resistance levels. Many leading oscillators confirm neutral trend, no bullish or bearish signals are triggered. Inside bar pattern drawn on daily chart. So for today trading session the forecast of price movements is between support and resistance levels.

Euro Yen

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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 123.68).


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 11/05/2016

Performance: 7 trading days= +0.95% – 15 trading days= +0.22% – 30 trading days= -3.26%

Resistance levels: R1= 124.23 – R2= 124.61 – R3= 125.30
Pivot Point: 123.92
Support levels: S1= 123.54 – S2= 123.23 – S3= 122.54


Buying opportunity above 124.11 targets minor resistance at 124.71 and perhaps as far as strong resistance at 125.09, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 125.77.

Selling opportunity below 123.60 targets minor support at 123.03 and perhaps as far as strong support at 122.65, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 121.98.