The EUR/JPY pair is trading below the weekly pivot 128.50, below this level there is a downward pressure for the pair, it prevents the euro-yen price increase. In its turn, there is another resistance which is also significantly stronger, the first weekly resistance which is located at 129.86. To overcome this level, the upward trend could gain momentum and be driven rapidly to 133.38, third weekly resistance.
In the case of this pair fails to close above 128.50, it is expected that in the short term it would be pushed down to the first weekly support, 126.34. Losing it, the price could quickly settle at the level of 124 yens per euro.
Signals for April 29 - May 04, 2013
Buy if it closes above 128.50 (W_PPV) with take profit at 129.86 (W_R1) and 133.38 (W_R3), stop loss is below 127.50.
Sell if it closes below 128.40 (W_PPV) with take profit at 126.34 (W_S1) and 124.98 (W_S2), stop loss is above 127.60.
____WEEKLY_____
Weekly - R3 = 133.38
Weekly - R2 = 132.02
Weekly - R1 = 129.86
Weekly Pivot = 128.50
Weekly - S1 = 126.34
Weekly - S2 = 124.98
Weekly - S3 = 122.82
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
