US Dollar Yen currency pair trading session of the 05/01/2016 ends at 119.11 (-0.30%). Marked a fourth consecutive negative trading session.
US Dollar Yen currency pair trading session of the 05/01/2016 ends at 119.11 (-0.30%). Technical overview is bearish, anyway the short term view leaves assume a price movements between support and resistance levels. Many leading oscillators confirm bearish trend. Marked a fourth consecutive negative trading session. We suggest to monitore today closing. An inside bar pattern drawn on daily chart. For today trading session the forecast of price movements is between support and resistance levels.
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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 120.83). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 05/01/2016.
Performance: 7 trading days= -0.97% – 15 trading days= -1.66% – 30 trading days= -3.12%
Resistance levels: R1= 119.61 – R2= 120.11 – R3= 121.02
Pivot Point: 119.20
Support levels: S1= 118.70 – S2= 118.29 – S3= 117.38
DAILY TRADING SIGNALS
Buying opportunity above 119.34 targets minor resistance at 119.90 and perhaps as far as strong resistance at 120.29, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 120.91.
Selling opportunity below 118.84 targets minor support at 118.28 and perhaps as far as strong support at 117.86, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 117.20.