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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 10, 2013 2:59:00 AM

April 10 Wednesday 7:30 GMT

EURO-YEN Technicals: New High at Y130.09, Weekly Slow Stochastic Buy-Signal

Resistance 4: Y132.50 123.6% Projection of Y119.11 to Y130.09
Resistance 3: Y132.04 50.0% of Y169.96-Y94.12
Resistance 2: Y131.87 100-month MA
Resistance 1: Y130.09 Apr 9 high

LATEST PRICE: Y129.63

Support 1: Y128.18 4.00% MA envelope top
Support 2: Y127.50 23.6% of Y119.11 to Y129.94
Support 3: Y126.95 3.00% MA envelope top
Support 4: Y125.90 38.2% of Y119.12 to Y129.94

COMMENTARY: Daily studies still sharply bullish although 10-day momentum is a
little weaker. Focus on Apr 9 high as break above here opens topside to 100-mth
MA at Y131.87. Bears may look to break below 4.00% MA env top, at Y128.18, with
eyes on Y127.50, the 23.6% Y119.11-129.94. 10-wk momentum continues to show
negative divergence but wkly slow stochastic now shows buy-signal.

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