For eight days the EURJPY pair has had an upward movement of more than 650 pips. Now it is showing signs of exhaustion in the upward force, and it is likely that all this week it will have corrective movements. Therefore, we have traced the likely movements according to the table pivots. The Weekly Pivot is 105.79 it has to keep the pair in the upward movement. But the key level is at 104.62, very strong support, because in the weeks leading up to this level there was a strong resistance which pushed down this pair.
105.79 and 102.57 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for November 26 - 30, 2012
Sell if pullback is at 108.07 (W_R1) with take profit at 104.62, stop loss is above 109.24 (W_R2).
Buy if it rebounds around 104.62 (W_S1) with take profit at 108.07, stop loss is bellow 102.34 (W_S2)
____WEEKLY_____
Weekly - R3 = 111.52
Weekly - R2 = 109.24
Weekly - R1 = 108.07
Weekly Pivot = 105.79
Weekly - S1 = 104.62
Weekly - S2 = 102.34
Weekly - S3 = 101.17
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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
