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Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 8, 2013 5:11:00 AM

from: Market News International

May 8 Wednesday 9:10 GMT

EURO-YEN TECHS: Holds Below Apr 11 Res Line & Above 21-DMA

RES 4: 131.87/132.04 100-month MA, 50.0% of 169.96-Y94.12
RES 3: 131.00/12/24 dly Bollinger band top, Apr 11 high, 2.00% MA envelope top
RES 2: 130.41/70 May 6 high, Apr 22 high
RES 1: 129.91/98 Highs Apr 25 & May 2, Apr 11 resistance line


SUP 1: 128.70/74/92 Upper monthly Bollinger band, Tenkan line, 21-DMA
SUP 2: 128.55/59 200-month MA, Apr 29 high
SUP 3: 128.29 23.6% of 119.11-131.12
SUP 4: 127.06/21 Apr 29 low, Apr 30 low

COMMENTARY: Euro-yen holds above the 21-DMA, now part of initial support while
daily studies lend little direction. Bulls look to hold above initial support,
seen as the upper monthly Bollinger band, Tenkan line and 21-DMA at
128.70/74/92, respectively. Break below here would see bears attempt a slide to
the daily Bollinger band base at 126.84, however, bulls look to hold above and
test the Apr 11 resistance line, now at Y129.98 and key initial resistance.


eur.jpy.5.8tech resized 600

Chart: WorldWideMarkets Flash Trader

Topics: forex trading, European Session, technical analysis, EURJPY, Currency Trading, support and resistance levels


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