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Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 1, 2013 5:00:00 AM

May 1 Wednesday 9:00 GMT


EURO-YEN TECHNICALS: Below 200-Mth MA & Back Within Monthly Bollinger Band


RES 4: 131.12/24 Apr 11 high, 2.00% MA envelope top
RES 3: 130.70 Apr 22 high
RES 2: 129.91/96 High Apr 25, 1.00% MA envelope top
RES 1: 128.55/59/70/88 200-mth MA, Apr 29 high, Upper monthly Bollinger, Daily Tenkan

LATEST PRICE: 128.74

SUP 1: 127.06/21/38 Apr 29 low, Apr 30 low, 1.00% MA envelope base
SUP 2: 126.44/53 Low Apr 17, 38.2% of 119.11 to 131.12
SUP 3: 126.04 High Mar 12
SUP 4: 125.11/59 Wkly Tenkan line & 50.0% 119.11-131.12, 76.4% 127.71-118.73

COMMENTARY: Euro-yen leaving a couple of significant lower-shadows as the pair
attempt to follow daily studies lower but end higher. Initial support now at
127.06/21/38, lows of Apr 29, 30 and the 1% MA envelope base. Monthly chart now
shows euro-yen is back below the 200-month MA and also back within the monthly
Bollinger band, with the top part of key initial resistance, at 128.55/59/70/88 -
the 200-mth MA, Apr 29 high, upper monthly Bollinger and daily Tenkan.

Market News International & WorldWideMarkets

 

eurjpy.t.5.1 resized 600

Chart: WorldWideMarkets Flash Trader

 

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