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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 25, 2013 5:02:00 AM

April 25 Thursday 9:02 GMT


EURO-YEN TECHNICALS: Slight Rise Despite Bearish 10-Day Momentum


RES 4: 132.82 3.00% MA envelope top
RES 3: 131.87/132.04 100-month MA, 50.0% of 169.96-Y94.12
RES 2: 131.12/53 Apr 11 high, 2.00% MA envelope top
RES 1: 130.24/70 1.00% MA envelope top, Apr 22 high


LATEST PRICE: 129.75


SUP 1: 128.29 23.6% of 119.11 to 131.12
SUP 2: 127.82/87/128.06 Tenkan line, Apr 23 low, Apr 19 low
SUP 3: 126.44/53/64 Low Apr 17, 38.2% of 119.11 to 131.12, 21-DMA
SUP 4: 126.04 High Mar 12


COMMENTARY: Euro-yen showed little movement while 10-day momentum continued to
decline sharply, however daily slow stochastic trends sideways on the cusp of
overbought territory. Weekly studies a bit mixed while monthly studies still
bullish. Bulls need break above 131.12, the Apr 11 high, but bears look lower
and eye Tenkan line at 127.82. Continued failure to break higher should
encourage bears to test supp. Initial support at 128.29, the 23.6% 119.11-131.12.

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