An inside bar pattern drawn on Euro Yen daily chart. Today forecast is for drops towards support levels. The major oscillators show negative values.
Euro Yen yesterday trading session ends slightly higher at 114.26 (+0.10%). An inside bar pattern drawn on daily chart. Technical analysis applied to the daily chart shows a neutral trend within a short term down trend. For today trading session the forecast is for drops towards support levels. The major oscillators show negative values and confirm the negative view.
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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 116.02). 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: 04/07/2016
Performance: 7 trading days= +0.55% – 15 trading days= -3.93% – 30 trading days= -6.86%
Resistance levels: R1= 114.53 – R2= 114.81 – R3= 115.37
Pivot Point: 114.25
Support levels: S1= 113.97 – S2= 113.69 – S3= 113.13
Buying opportunity above 114.49 targets minor resistance at 115.05 and perhaps as far as strong resistance at 115.39, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 116.02.
Selling opportunity below 114.02 targets minor support at 113.49 and perhaps as far as strong support at 113.14, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 112.52.