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Technical Analysis: EUR/JPY

Posted by Chris Advincula on May 20, 2013 9:02:00 AM

From Market News International

May 20 Monday 12:50 GMT

EURO-YEN TECHNICALS: Studies Overbought - Tests Tenkan At 130.88

RES 4: 135.86 4.00% MA envelope top
RES 3: 134.27/56 Weekly Bollinger band top, 3.00% MA envelope top
RES 2: 132.99/133.12/27 2% MA envelope top, Feb 6 res line, Daily Bolli top
RES 1: 132.77 High May 14


SUP 1: 130.70/88/99 Apr 22 high, Daily Tenkan line, Hourly low
SUP 2: 130.42 May 8 high
SUP 3: 130.14 21-day moving average
SUP 4: 129.55 23.6% of Y119.11-132.77

COMMENTARY: Euro-yen pushed higher but failed to test the May 14 high at
132.77, price action today already pushed lower to test support, before
bouncing from just above the daily Tenkan line, part of initial support which is
seen at 130.70/88/99, the Apr 22 high, daily Tenkan line and hourly low. Daily
studies are overbought to bearish and a break below initial support would test
support at 130.42, the May 8 high and Y130.14, the 21-DMA. resized 600

Chart: WorldWideMarkets Flash Trader


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