Eur/Jpy

The euro gained against the yen on Monday, taking a break from a slide stoked by fears that Greece may face opposition to austerity requirements attached to bailout payments.

In Asian trading on Monday, EUR/JPY hit 103.32, up 0.04% and up from a low of 103.12 and off a high of 103.34.

The pair sought to test support at 103.06, Friday's low, and resistance at 103.86, Friday's high.

In Greece, the government will present an austerity plan calling for EUR13.5 billion in spending cuts and tax hikes to Parliament later Monday in the face of union-driven work stoppages.

Greece must approve the reforms and pass a new budget to free up some EUR31.5 billion in aid arranged by the International Monetary Fund, the European Commission and the European Central Bank.

Some coalition politicians have said they oppose certain austerity measures that call for wage cuts, which sent the euro falling against the Japanese currency albeit in choppy trading marked by spats of bottom fishing.

Investors, meanwhile, avoided higher-yielding currencies ahead of presidential elections in the U.S. on Tuesday.

U.S. President Mitt Romney and his challenger Mitt Romney are neck and neck in the polls, which dampened appetite for higher-yielding assets.

China is due to change leadership this week, which further fueled a risk-off session that came at the euro's expense, though the single currency found room to rise on demand from bargain hunters.

Couple almost non-stop and broke the 102.45 support continues decline, now my goal is about 200 sliding - 102.00 level (figure) it can still be a buy and think, and so far only in the sale.

Steam over the past few hours has fallen well to the south and came to the support of 102.55, just a false breakdown occurred and the couple again returned to this level, and MASD Stochastic on the hourly chart filed northern signals, stop below 102.40 coup.

Though eur/jpy has less movement but most of the trader agree with this that trading with eur/jpy is safe than eur/usd. Trader not need more analysis same as eur/usd and that's why lot's of trader like to trade with eur'jpy.

Bearish Pressure stronger in EURJPY, now are trying to penetrate support 102.50, if breached support level next target at 102.17.

eur/jpy technical analysis by using : average directional movement index

adx : 46.3005
+di : 10.0836
-di : 16.6345
timeframe : 1 hour

time : 1900
date : 05.11.2012

The trading range for this week is among key support at 100.75 and key resistance now at 106.30.

The general trend over short term basis is to the upside targeting 109.15 as far as areas of 98.75 remain intact with weekly closing

yesterday our duo compressed at mend 115.27

if this couplet breaking 115.77 maybe we leave see 116.17
and if tame 115.12 then maybe we module see 114.73 and 114.43

Yes, Monday was a bit volantilnym .. pair ... a bit like looking at the 4 hour chart shows that the tips of a little down .... and at the bottom is the horizontal support level .... all the evidence indicates that the pair begin to press down .. so I think that the weakness of the euro should affect the level of 102.50 and breakdown down ..

Elliott: flat correction down 102.18
Current fall is near an end of wave around 102.34 zone, a rally should then procede to above 103.24. Fall below 101.95 would cancel this scenario.
Warning: Imminent end of bearish move
Technical points
Key point 102.5900
Entry point 102.8700
Elliott 104.0000
Closing 102.7400
Projection 102.1800
Trendline 103.4100
Trendline 102.8200
Supports / Resistances
Res 2 103.7400
Ex-High 103.3400
Res 1 103.2400
Pivot 102.8400
Sup 1 102.3400
Ex-Low 102.4500
Sup 2 101.9500