The EUR/JPY pair opened this week with a downward gap, it found a bottom in the third weekly support, 121.77. Hence try to raise the price in order to cover the gap left at 1.2468. It is likely that the EUR/JPY pair continues rising to this level. Below this level there is the weekly pivot 1.2488, so in this area we recommend selling the pair, with objectives to 121.80 weekly support. You can find a good opportunity to buy at current price levels, with the objective that the gap will be covered in the coming days. We have outlined the likely movements and signals, that could be found below.
124.88 and 122.44 are weekly and monthly pivot points for this week for EUR/JPY.
Signals for March 18 - 23, 2013
Sell below 124.88 (W_PPV) with take profit at 121.78 (W_S1), stop loss is above 125.30.
____WEEKLY_____
Weekly - R3 = 127.69
Weekly - R2 = 126.85
Weekly - R1 = 125.72
Weekly Pivot = 124.88
Weekly - S1 = 123.75
Weekly - S2 = 122.91
Weekly - S3 = 121.78
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 134.99
Monthly - R2 = 131.34
Monthly - R1 = 126.09
Monthly Pivot = 122.44
Monthly - S1 = 117.19
Monthly - S2 = 113.54
Monthly - S3 = 108.29
