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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 12, 2013 2:56:00 AM

April 12 Friday 7:00 GMT

EURO-YEN TECHS: Studies Overbought But Still Bullish


RES 4: 133.95 123.6% Projection of 119.11 to 131.12
RES 3: 132.04 50.0% of 169.96-94.12
RES 2: 131.66/87 Upper daily Bollinger band, 100-month MA
RES 1: 131.12 Apr 11 high


LATEST PRICE: 130.30


SUP 1: 129.34 4.00% MA envelope top
SUP 2: 128.29 23.6% of 119.11 to 131.12
SUP 3: 128.09 3.00% MA envelope top
SUP 4: 126.53 38.2% of 119.12 to 131.12


COMMENTARY: Euro-yen hits new high, now at 131.12 and also initial resistance, while
daily studies rise, albeit now firmly into overbought territory. Bulls aim break
above yesterday's high and perhaps extend gains up to 50.0% 169.96-94.12,
still at 132.04, while bears aim below the Apr 11 high to test the 23.6% of
119.11 to 131.12, further support at 128.29. We note that 10-week momentum
study shows negative divergence but weekly slow stochastic shows a buy-signal.

 

Market News International & WorldWideMarkets

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Chart: WorldWideMarkets Flash Trader

 

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