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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 16, 2013 3:40:00 AM

April 16 Tuesday 7:50 GMT

EURO-YEN Technicals: Bulls Turning Higher After Bears Bounce From Weekly Tenkan

Resistance 4: 131.82/87 Upper daily Bollinger band, 100-month MA
Resistance 3: 131.12 Apr 11 high
Resistance 2: 130.00 4.00% MA envelope top
Resistance 1: 128.29 Former 23.6% of 119.11 to 131.12


Support 1: 124.93/94 Weekly Tenkan line, Hourly low
Support 2: 124.30 Former Feb 6 resistance line - now support
Support 3: 123.70/85 61.8% of 119.11 to 131.12, High Mar 25
Support 4: 123.21 Ichimoku cloud top

COMMENTARY: Euro-yen returning to test resistance levels, however today already
saw bears test support after the pair bounced from around the Kijun and Tenkan
lines, still at 125.11/14, however price action already broke a little below to
leave a long lower shadow. Daily studies were about to reverse lower, however may
now turn higher to follow monthly studies up. Initial res at 128.29, the former
23.6% of 119.11-131.12, further res at Y130.00, the 4.00% MA envelope top.

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Chart: WorldWideMarkets Flash Trader


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