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Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 16, 2013 6:33:00 AM

From Market News International

May 16 Thursday 10:35 GMT

EURO-YEN TECHNICALS: Light Consolidation As Daily Studies Slip

RES 4: 135.26 4.00% MA envelope top
RES 3: 133.96/98 3.00% MA envelope top, Weekly Bollinger band top
RES 2: 132.97 Feb 6 resistance line
RES 1: 132.66/75/77 2.00% MA envelope top, Daily Bollinger band top, High May 14


SUP 1: 131.12/18/36 High Apr 11, Low May 15, 1.00% MA envelope top
SUP 2: 130.70/88 Apr 22 high, Daily Tenkan line
SUP 3: 130.42 May 8 high
SUP 4: 129.83 21-day moving average

COMMENTARY: Euro-yen slips a little further which appears to be turning daily
studies bearish, however current price action holds just above yesterday's low
at 131.18, part of initial support. Further key support seen at 130.70/88 the
Apr 22 high and daily Tenkan line. Bears may attempt to test this level, but bulls
will likely be eyeing a retest of the Feb 6 resistance line at 132.97, ahead of here
initial resistance at 132.66/75/77, the 2% MA env top, daily Bolli top and May 14 high. resized 600 

Chart: WorldWideMarkets Flash Trader


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