Eur/Jpy

Eur/jpy technical analysis for 07.11.2012 by using : Auto pivot indicator .

resistance 3:104.36
resistance 2:103.77
resistance 1:103.37

pivot point :102.78

support 1:102.38
support 2:101.78
support 3:101.38

EUR/JPY make triangle position and tend to down. After fell down to 102.29, price able to rise and break up daily support 1 level (102.37). Price is trying to go up although get pressure. Stochastic signal in tf h1 also give support for price to go up because it is confirmed in oversold area.

Elliott: flat correction up 103.54
It should test 103.57 area after which a sell off down to 102.38 or extended to 101.80 area is expected.
Technical points
Key point 103.2700
Entry point 102.7300
Elliott 102.1800
Closing 102.9700
Projection 103.3000
Trendline 103.0000
Trendline 102.8700
Supports / Resistances
Res 2 103.7400
Ex-High 103.1500
Res 1 103.3500
Pivot 102.7700
Sup 1 102.3800
Ex-Low 102.1800
Sup 2 101.8000

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Support level for the pair proved its strength trades yesterday as we note that the price tried retest 102.20 settled price at a high level around 103.30

Still waiting to achieve levels of 104.60 and 106.50 in the near and medium-sized enterprises.

SMA supports the upward trend

Despite that the data released today showed that the volume of industrial orders in Germany fell in September to the lowest mark of the year the euro continued its rise against others competitors. The Ministry of Economy in Berlin said that the factory orders, adjusted for seasonal variation and inflation, fell by 3.3%, after a revised downward rate for August at 0.8%.

Steam after sudden movements again went to the south, like the course entered on a sliding 200 has long acted as a strong support level, strengthening below 102.20 opens the way to further reduce the purpose can easily be 101.00.

No change in EUR/JPY's outlook. Consolidation pattern from 104.58 is still in progress and another fall could be seen to 102.17 and below. But after all, we'll stay near term bullish as long as 100.14 support holds and expect rise from 94.11 to resume later. Above 104.58 should target 111.43 key resistance.

On the daily chart breakthrough aliigatora blue slip, giving a signal to change the basic trend of 4 chasovm time frame is good to see the breakdown of medium-term support 102.24 which signals the beginning of the decline in the south.

Price approached the upper limit of its medium term bearish channel in 103.70 and indicate a decrease. However, through these levels will initiate a strong bullish channel.

The trading range for today is among key support at 101.60 and key resistance now at 104.65.

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.