The EUR/JPY pair shows a sequence that probably has a bearish background at 99.09 weekly support. Indeed, both currencies are in a bearish phase. Euro-yen cross is below the 200 day moving average period and below the weekly pivot, which increases the probability of a bearish continuation to 99.09 Dynamic Support.
In view of these levels plotted on the graph, we suppose that the following signals will be valid for this week.
101.62 and 102.57 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for November 12 - 17, 2012
Buy if it closes above 101.62 (PPV) with with take profit at 102.83, stop loss is bellow 99.09 (W_S1).
Buy if it rebounds around 99.09 (W_S1) with take profit at 101.62 and 102.83, stop loss is bellow (W_S1).
____WEEKLY_____
Weekly - R3 = 105.81
Weekly - R2 = 104.60
Weekly - R1 = 102.83
Weekly Pivot = 101.62
Weekly - S1 = 99.09
Weekly - S2 = 98.64
Weekly - S3 = 96.87
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____MONTHLY____
Monthly - R3 = 110.17
Monthly - R2 = 107.37
Monthly - R1 = 105.37
Monthly Pivot = 102.57
Monthly - S1 = 100.57
Monthly - S2 = 97.77
Monthly - S3 = 95.77
