US Dollar Yen: inside bar pattern, buying opportunity above 104.38

An inside bar pattern has been drawn on US Dollar Yen daily chart. The short term technical view is still negative.

US Dollar Yen Wednesday close was at 104.05 (-0.65%). An inside bar pattern drawn on daily chart. The short term technical view is still negative and leaves assume the down-trend continuation. However, we can’t exclude climbs towards the first daily resistance levels. The major oscillators appears turning positive, we suggest to monitor today closing.

US Dollar Yen inside bar daily chart

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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 102.32).

Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 13/07/2016.

Performance: 7 trading days= +2.86% – 15 trading days= -0.86% – 30 trading days= -4.43%

Resistance levels: R1= 104.64 – R2= 105.22 – R3= 106.17
Pivot Point: 104.27
Support levels: S1= 103.69 – S2= 103.32 – S3= 102.37

Buying opportunity above 104.38 targets minor resistance at 104.85 and perhaps as far as strong resistance at 105.19, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 105.74.

Selling opportunity below 103.94 targets minor support at 103.46 and perhaps as far as strong support at 103.10, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 102.57.