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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 26, 2013 3:19:00 AM

April 26 Friday 7:20 GMT

EURO-YEN TECHNICALS: Bears Testing Support - Tenkan Line At 127.82

RES 4: 132.90 3.00% MA envelope top
RES 3: 131.87/132.04 100-month MA, 50.0% of 169.96-Y94.12
RES 2: 131.12/61 Apr 11 high, 2.00% MA envelope top
RES 1: 130.32/70 1.00% MA envelope top, Apr 22 high

LATEST PRICE: 128.63

SUP 1: 127.82/87/128.06 Tenkan line, Apr 23 low, Apr 19 low
SUP 2: 126.98 21-day moving average
SUP 3: 126.44/53 Low Apr 17, 38.2% of 119.11 to 131.12
SUP 4: 126.04 High Mar 12

COMMENTARY: Euro-yen slipping lower after bulls failed to test the Apr 11 high
at 131.12 and instead left a high at 130.70 on Apr 22, forms part of initial
resistance, just above the 1.00% MA envelope top at 130.32. Bears turn to support,
price action is already slipping below the 23.6% of 119.11-131.12 at 128.29
and initial support around 127.82/87/128.06, the Tenkan line, Apr 23 low and Apr
19 low. Break below here may target the 21-DMA at 126.98 and 38.2% at 126.53.

Market News International & WorldWideMarkets

 

eurjpy.tech.4.26 resized 600

Chart: WorldWideMarkets Flash Trader
 

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