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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 11, 2013 2:33:00 AM

April 11 Thursday 6:35 GMT

EURO-YEN Technicals: Daily Studies Slowing, 10-Wk Momentum Slides

Resistance 4: 132.50 123.6% Projection of 119.11 to 130.09
Resistance 3: 132.04 50.0% of 169.96-94.12
Resistance 2: 131.77/87 Upper daily Bollinger band, 100-month MA
Resistance 1: 130.54 Apr 10 high

LATEST PRICE: 130.42

Support 1: 128.78 4.00% MA envelope top
Support 2: 127.84 23.6% of 119.11 to 130.54
Support 3: 127.54 3.00% MA envelope top
Support 4: 126.17 38.2% of 119.12 to 130.54

COMMENTARY: Euro-yen breaks above the recent high to hit 130.54, new initial
resistance. Further key resistance at 131.77/87, the upper daily Bollinger band
and 100-month MA. A break above here would encourage bulls and force daily
studies higher, but studies show signs of slowing and enter overbought levels.
Initial support seen as the 4.00% MA envelope top at 128.78, below here supp at
127.84, the 23.6% 119.11-130.54. 10-wk momentum shows negative divergence.

 

Market News International & WorldWideMarkets

 

eur.jpy.4.11 resized 600

Chart: WorldWideMarkets Flash Trader

 

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