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Technical Analysis: EUR/JPY

Posted by Chris Advincula on Apr 30, 2013 4:00:00 AM

April 30 Tuesday 8:00 GMT

EURO-YEN TECHNICALS: Bulls Test Daily Tenkan - Key Resistance At 128.88


RES 4: 131.12/39 Apr 11 high, 2.00% MA envelope top
RES 3: 130.70 Apr 22 high
RES 2: 129.91/130.10 High Apr 25, 1.00% MA envelope top
RES 1: 128.59/88 Apr 29 high, Daily Tenkan line


LATEST PRICE: 127.90


SUP 1: 127.06/53/70 Apr 29 low, 1.00% MA envelope base, 21-DMA
SUP 2: 126.44/53 Low Apr 17, 38.2% of Y119.11 to 131.12
SUP 3: 126.04 High Mar 12
SUP 4: 125.11/59 Weekly Tenkan line & 50.0% 119.11-131.12, 76.4% 127.71-118.73


COMMENTARY: Euro-yen left a lower high and lower low, but ended the session a
little higher. Yesterday, bulls met resistance from the daily Tenkan line, now at
128.88, just above the Apr 29 high at 128.59, both form initial resistance. Break
above here could target the Apr 25 high and 1% MA envelope top at 129.91/130.10,
respectively. However, daily studies slip lower and failure at Tenkan may threaten
initial support at 127.06/53/70, Apr 29 low, 1% MA env base and the 21-DMA.

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