Euro Yen short term view leaves assume prices movements between support and resistance levels. First resistance level at 121.27.
Tuesday, January 17 Euro Yen pair close was slightly lower. The trading session ended at 120.76 (-0.23%). New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close). The short term view leaves assume prices movements between support and resistance levels. Momentum indicator values confirm the bearish short term view. We suggest to watch today closing.
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Simple Moving Average (SMA)
Prices are below the 14 days moving average (SMA value is 122.31). 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: 17/01/2017
Performance: 7 trading days= -1.65% – 15 trading days= -0.98% – 30 trading days= -1.32%
Resistance levels: R1= 121.27 – R2= 121.77 – R3= 122.64
Pivot Point: 120.90
Support levels: S1= 120.40 – S2= 120.03 – S3= 119.16
Buying opportunity above 121.00 targets minor resistance at 121.59 and perhaps as far as strong resistance at 121.96, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 122.62.
Selling opportunity below 120.51 targets minor support at 119.95 and perhaps as far as strong support at 119.58, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 118.92.