The EUR/JPY pair is trading in the range 1.27 to 1.23. This week it has an uptrend, although exhausted. This pair will depend on the euro, if the euro manages to overcome the level of 1.34, this pair could rise rapidly to the level of 128.50. On the other hand, if the Japanese yen strengthens again, it could put downward pressure on the pair to 1.2290 support. (W_1). Therefore, if you are trading this pair, it is recommended to watch the major pairs separately. We have outlined the likely movements and signals, they can be found below.
125.00 and 124.92 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for February 18 - 23, 2013
Buy above 125.05 with take profit at 127.00 and 128.90 (W_R2), stop loss is below 124.10.
Sell if it closes below 124.50 (W_PPV) with take profit at 122.91 (W_S1), stop loss is above 127.80.
____WEEKLY_____
Weekly - R3 = 130.99
Weekly - R2 = 128.96
Weekly - R1 = 126.95
Weekly Pivot = 124.92
Weekly - S1 = 122.91
Weekly - S2 = 120.88
Weekly - S3 = 118.87
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 135.06
Monthly - R2 = 131.92
Monthly - R1 = 128.22
Monthly Pivot = 120.88
Monthly - S1 = 117.18
Monthly - S2 = 109.84
Monthly - S3 = 106.14
