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Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 3, 2013 5:28:00 AM

May 3 Friday 9:28 GMT

EURO-YEN TECHNICALS: Long Upper Shadow After Met Resistance at 129.91


RES 4: 130.70/85 Apr 22 high, daily Bollinger band top
RES 3: 129.91/130.16 Highs Apr 25 & May 2, Apr 11 resistance line
RES 2: 128.70/73 Upper monthly Bollinger band, 1.00% MA envelope top
RES 1: 128.49/55/59/68 Daily Tenkan, 200-month MA, Apr 29 high, 21-DMA


LATEST PRICE: 128.81


SUP 1: 127.06/16/21 Apr 29 low, 1.00% MA envelope base, Apr 30 low
SUP 2: 126.44/51/53 Low Apr 17, dly Bolli base, 38.2% of Y119.11-131.12
SUP 3: 126.04 High Mar 12
SUP 4: 125.11/59 Wkly Tenkan line & 50.0% Y119.11-131.12, 76.4% Y127.71-118.73


COMMENTARY: Euro-yen tested resistance, despite the bearish daily studies, but bears left
a long upper-shadow after the pair ended the session lower. Bulls met resistance last
session around the Apr 25 high at 129.91, now further resistance alongside the Apr 11
resistance line at 130.16. Initial resistance at 128.49/55/59/68, daily Tenkan, 200-mth MA,
Apr 29 high and 21-DMA. Initial support at 127.06/16/21, the Apr 29 low, 1% MA env
base and Apr 30 low. Break below would threaten daily Bollinger base at 126.51.

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