WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

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


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. resized 600

Chart: WorldWideMarkets Flash Trader


Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!