The Japanese yen against the U.S. dollar opened the week at 94.55, its highest value since May 2010, and while technically it is already overbought, with five permanent hikes monthly and almost no corrections, the trend in medium and long term remains bullish and under pressure, as the Japanese Prime Minister Abe further devalues the yen. According to the pivot table, the pair left a gap that would be covered at 93.03 in the next few hours, so the weekly pivot level will be the key to buying or selling this pair. If there is a rebound in the weekly pivot, you can buy only if the pair is trading above this level, on the other hand, below the pivot you should sell waiting for a correction of the pair. We have outlined the likely movements and signals, they can be found below.
90.08 and 93.46 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for February 25 - March 02, 2013
Buy if rebound is above 93.46 with take profit at 94.15 and 94.89 (W_R2), stop loss is below 92.72.
Sell if it closes below 93.30 (W_PPV) with take profit at 92.72 and 92.03 (W_S2), stop loss is above 93.90.
____WEEKLY_____
Weekly - R3 = 95.58
Weekly - R2 = 94.89
Weekly - R1 = 94.15
Weekly Pivot = 93.46
Weekly - S1 = 92.72
Weekly - S2 = 92.03
Weekly - S3 = 91.29
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 98.39
Monthly - R2 = 95.08
Monthly - R1 = 93.39
Monthly Pivot = 90.08
Monthly - S1 = 88.39
Monthly - S2 = 85.08
Monthly - S3 = 83.39
