New bullish technical picture drawn on US Dollar Yen daily chart. Technical view is positive and leaves assume the up-trend continuation.
Tuesday 9 May US Dollar Yen closing price was 113.70 (+0.42%). Marked the third consecutive positive trading session, new bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2), we suggest to watch US Dollar Yen today closing. For intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the first support levels. The major oscillators confirm the upward trend.
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Simple Moving Average (SMA)
US Dollar Yen quotes are above 14 days moving average (SMA value is 111.57). The short term view is bullish, however for today trading session we can’t exclude retracements 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: 09/05/2017.
Performance: 7 trading days= +1.68% – 15 trading days= +4.47% – 30 trading days= +2.29%
Resistance levels: R1= 114.31 – R2= 114.92 – R3= 116.12
Pivot Point: 113.72
Support levels: S1= 113.11 – S2= 112.52 – S3= 111.32
Buying opportunity above 113.92 targets minor resistance at 114.45 and perhaps as far as strong resistance at 114.83, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 115.42.
Selling opportunity below 113.44 targets minor support at 112.90 and perhaps as far as strong support at 112.51, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 111.88.