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Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 10, 2013 4:48:00 AM

from Market News International

May 10 Friday 8:45 GMT

 

EURO-YEN TECHS: Studies Bullish But Overbought

RES 4: 133.89 Weekly Bollinger band top
RES 3: 133.23 3.00% MA envelope top
RES 2: 132.68 Feb 6 resistance line
RES 1: 131.82/94/132.04 100-mth MA, 2.00% MA envelope top, 50.0% 169.96-Y94.12

LATEST PRICE: 131.81

SUP 1: 130.65/70 1.00% MA envelope top, Apr 22 high
SUP 2: 130.42 May 8 high
SUP 3: 129.56 Daily Tenkan line
SUP 4: 129.04 21-day moving average

COMMENTARY: Euro-yen now testing upper limits of the daily Bollinger band and now the
highest it has been in a little over three years. Monthly and daily studies rise
further into overbought levels, next resistance at 131.82/94/132.04 the 100-mth MA, 2%
MA env top and 50% 169.96-94.12. Bulls aim above here to test the Feb 6 resistance
line at 132.68, however, failure to break above resistance encourages bears to retest
former resistance, initial support at 130.65/70, the 1% MA env top and Apr 22 high.

  

 euro.yen.tech.5.10 resized 600

Chart: WorldWideMarkets Flash Trader

 

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