New bearish technical picture drawn on US Dollar Yen pair daily chart. The major oscillators confirm the downward trend.
Tuesday, September 5th US Dollar Yen pair closing price was 108.61 (-1,08%). Marked a series of 3 consecutive higher lows. New bearish technical picture drawn on US Dollar Yen pair daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close), we suggest to watch today closing. For intraday trading session the technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend.
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Simple Moving Average (SMA)
Strong bearish signal: the price crosses below the 14-day moving average (SMA value is 109.49). Today trading session forecast is for further prices dropping towards the most significant support levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 05/09/2017.
Performance: 7 trading days= -0.12% – 15 trading days= -1.27% – 30 trading days= -2.30%
Resistance levels: R1= 109.44 – R2= 110.25 – R3= 111.54
Pivot Point: 108.96
Support levels: S1= 108.14 – S2= 107.67 – S3= 106.38
Buying opportunity above 108.95 targets minor resistance at 109.44 and perhaps as far as strong resistance at 109.79, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 110.36.
Selling opportunity below 108.48 targets minor support at 107.98 and perhaps as far as strong support at 107.67, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 107.06.