WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 17, 2013 7:02:00 AM

From Market News International

May 17 Friday 11:05 GMT

 

EURO-YEN TECHNICALS: Holds Below May 14 High - Daily Studies Slide

RES 4: 135.53 4.00% MA envelope top
RES 3: 133.97/134.23 Weekly Bollinger band top, 3.00% MA envelope top
RES 2: 132.91/93/133.05 Daily Bolli top, 2% MA envelope top, Feb 6 resistance line
RES 1: 132.77 High May 14

LATEST PRICE: 131.66

SUP 1: 131.12/18 High Apr 11, Low May 15
SUP 2: 130.70/88 Apr 22 high, Daily Tenkan line
SUP 3: 130.42 May 8 high
SUP 4: 130.00 21-day moving average

COMMENTARY: Euro-yen leaves an inside-day yesterday as price movement appears to
have stalled below the May 14 high at 132.77 while daily studies appear to be
turning lower - slow stochastic shows a sell-signal in overbought territory.
Initial support at 131.12/18, the Apr 11 high and May 15 low, a break below here
would target the daily Tenkan line at 130.88. However, the monthly studies
remain bullish, albeit overbought, bulls may attempt to retest the May 14 high.

 

euro.yen.5.17 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.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

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