Due to the aggressive actions of the Japanese yen devaluation, announced last November and taking place right now, the yen is deflating at high speed, which carries with it all its crosses, as the EUR/JPY pair. Looking at the chart and weekly pivot of this pair, we can see it has resistance at 1.2965 weekly. This area is likely to keep pressure on the pair and stop the rally from the level of 119.15 yen approaches the 1000 pips of movement in a few days. However, we believe this rally will also have its correction in the weekly pivot levels 124.37 weekly and below the first support of 121.47.
Signals for April 08 - 13, 2013
Sell below 129.65 (W_R1) with take profit at 124.37 (W_S1) and stop loss above 130.50.
____WEEKLY_____
Weekly - R3 = 137.83
Weekly - R2 = 132.55
Weekly - R1 = 129.65
Weekly Pivot = 124.37
Weekly - S1 = 121.47
Weekly - S2 = 116.19
Weekly - S3 = 113.29
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 130.88
Monthly - R2 = 128.45
Monthly - R1 = 124.60
Monthly Pivot = 122.17
Monthly - S1 = 118.32
Monthly - S2 = 115.89
Monthly - S3 = 112.04
