US Dollar Yen: new bullish technical picture drawn on daily chart

US Dollar Yen technical view is positive and leaves assume the up-trend continuation.The major oscillators confirm the upward trend.

On the 22/01/2016 US Dollar Yen close was at 118.78 (+0.72%). New bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2), we suggest to watch today closing. For intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels. The major oscillators seem turning positive.

us dollar yen

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 117.83). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 22/01/2016.

Performance: 7 trading days= +0.47% – 15 trading days= -0.58% – 30 trading days= -2.40%

Resistance levels: R1= 119.26 – R2= 119.74 – R3= 121.08
Pivot Point: 118.40
Support levels: S1= 117.92 – S2= 117.06 – S3= 115.72


DAILY TRADING SIGNALS

Buying opportunity above 118.92 targets minor resistance at 119.49 and perhaps as far as strong resistance at 119.92, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 120.56.

Selling opportunity below 118.41 targets minor support at 117.84 and perhaps as far as strong support at 117.43, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 116.80.