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Euro Yen: the short term view remains strongly bearish

Technical analysis shows a neutral trend within a strongly bearish view in the short term. Euro Yen quotes are below 14 day SMA.

Tuesday, April 18 Euro Yen pair trading session ended slightly higher, at 116.44 (+0.25%). Technical analysis applied to the daily chart shows a neutral trend, but the view in the short term remains strongly bearish. For today trading session the forecast is for price fluctuations between support and resistance levels. The major oscillators confirm the negative underlying trend.
EUR JPY strongly bearish trend

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Prices are below 14 day moving average (SMA value is 117.25). The short term view is strongly bearish, however for today trading session we can’t exclude a test of the first resistance levels.

Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 18/04/2017

Performance: 7 trading days= -0.74% – 15 trading days= -2.63% – 30 trading days= -3.49%

Resistance levels: R1= 116.70 – R2= 116.96 – R3= 117.69
Pivot Point: 116.30
Support levels: S1= 115.97 – S2= 115.50 – S3= 114.77

Buying opportunity above 116.67 targets minor resistance at 117.24 and perhaps as far as strong resistance at 117.59, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 118.23.

Selling opportunity below 116.20 targets minor support at 115.66 and perhaps as far as strong support at 115.30, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 114.67.

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