As we all know the Japanese government is determined to devalue its currency. The EUR/JPY pair is very bullish, but will the Japanese government be able to weaken the yen enough to keep buyers? Technical indicators such as RSI is in the overbought territory, so there is probably a correction during next few days. Thus, we have traced the likely movements according to the table pivots.
111.17 and 105.03 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for December 24-29, 2012
Sell if pullback is at 112.41 (W_PPV) with take profit at 111.17, stop loss is above 109.85 (W_R1).
____WEEKLY_____
Weekly - R3 = 114.97
Weekly - R2 = 113.73
Weekly - R1 = 112.41
Weekly Pivot = 111.17
Weekly - S1 = 109.85
Weekly - S2 = 108.61
Weekly - S3 = 107.29
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 117.07
Monthly - R2 = 112.37
Monthly - R1 = 109.73
Monthly Pivot = 105.03
Monthly - S1 = 102.39
Monthly - S2 = 97.69
Monthly - S3 = 95.05
