The EUR/JPY is trading below the weekly pivot of 114.78, if the pair rises and closes above this level, it can reach the maximum at 116.35, the first weekly resistance (W_R1). Our strategy is bearish, because we expect a correction in the yen for the next few days, so if the pair makes a pullback to the weekly resistance level, there will be an opportunity to sell this pair, on the other hand, a close below the pivot weekly, will be a signal to sell the pair with objectives at the second weekly support 112.05, and this is a gap that must be filled, and the fall to this level is almost certain. Thus, we have traced the likely movements according to the table pivots.
114.78 and 111.67 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for January 7 - 12, 2013
Sell if pullback is at 116.35 (W_R1) with take profit at 113.62 and 112.05 (W_S2), stop loss is above 117.51 (W_R2).
Sell if close below 114.78 (W_PPV) with take profit at 112.05 (W_S2), stop loss above 116.35 (W_R1)
____WEEKLY_____
Weekly - R3 = 119.08
Weekly - R2 = 117.51
Weekly - R1 = 116.35
Weekly Pivot = 114.78
Weekly - S1 = 113.62
Weekly - S2 = 112.05
Weekly - S3 = 110.89
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 126.06
Monthly - R2 = 120.38
Monthly - R1 = 117.35
Monthly Pivot = 111.67
Monthly - S1 = 108.64
Monthly - S2 = 102.96
Monthly - S3 = 99.93
