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Technical Analysis: EUR/JPY resistance at 132.77

Posted by Chris Advincula on May 21, 2013 6:30:00 AM

From Market News International

May 21 Tuesday 10:35 GMT


EURO-YEN TECHNICALS: Bounced From Tenkan - Bulls Eye May 14 High

RES 4: 136.12 4.00% MA envelope top
RES 3: 134.32/81 Weekly Bollinger band top, 3.00% MA envelope top
RES 2: 133.20/48 Feb 6 resistance line, Daily Bollinger band top
RES 1: 132.77 High May 14

LATEST PRICE: 132.15

SUP 1: 131.12/18 High Apr 11, Low May 15 & Daily Tenkan line
SUP 2: 130.70/99 Apr 22 high, May 20 low
SUP 3: 130.25/42 21-day moving average, May 8 high
SUP 4: 129.91 Highs Apr 25 & May 2

COMMENTARY: Euro-yen tested the downside but met support around the daily Tenkan
line, now part of initial supp at 131.18, also the May 15 low and just above
Apr 11 high at 131.12. The pair's failure to break lower could give bulls the
boost to retest the May 14 high at 132.77, which the pair held below since.
Break above extends gains to the daily Bolli top, part of further resistance at 133.47.
However, continued failure would see bears testing support once more.

 

eur.yen.tech.5.21 resized 600

Chart: WorldWideMarkets Flash Trader

Topics: forex trading, European Session, technical analysis, EURJPY, Currency Trading, support and resistance levels

 

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