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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 23, 2013 3:38:00 AM

April 23 Tuesday 7:40 GMT

EURO-YEN Technicals: Fades After Failure To Reach Apr 11 High

Resistance 4: 133.03 4.00% MA envelope top
Resistance 3: 131.75/87/132.04 3.00% MA env top, 100-month MA, 50.0% Y169.96-Y94.12
Resistance 2: 131.12 Apr 11 high
Resistance 1: 130.47/70 2.00% MA envelope top, Hourly high


Support 1: 128.54/55 Hourly low, Apr 4 support line
Support 2: 128.29 23.6% of 119.11 to 131.12
Support 3: 128.03/06 Tenkan line, Apr 19 low
Support 4: 126.44/53 Low Apr 17, 38.2% of 119.11 to 131.12

COMMENTARY: Euro-yen declines after failing to reach the recent Apr 11 high at
131.12, sending 10-day momentum sharply lower to cross below the key zero-line,
a bearish indicator. Current price action finds support around 128.54/55, the
hourly low and a support line from Apr 4. Further support at 128.29, the 23.6% and
below here supp at 128.03/06, the daily Tenkan and Apr 19 low. Mthly studies are
bullish, initial resistance at 130.47/70, the 2% MA env top and hourly high.

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