Eur/Jpy

Support & Resistance 28/08/2012

Sup 1 : 98,64
Sup 2 : 98,87
Sup 3 : 99,04

PIVOT : 98,48

Res 1 : 98,25
Res 2 : 98,08
Res 3 : 97,85

EUR / JPY continues to move in an upward channel, still holds the level of 98 pieces, so that if no special surprises you should see growth ... but I have a strange hunch that the Japanese currency could prevent it ... like all looks good but purchased in long dread of something ....

EUR / JPY has also made the all*clear from the horizontal resistance level of 98.74, and now continues to strengthen its southern waves down her emptiness (couple has no significant obstacles) up to the level of 97.95.

Pivot point has actually held this price and the earlier bearish sentiment of this pair and the pair is now trading toward pivot resistance 1 at 99.00 area as we draft towards the us session, we are not at overbought yet so chances are that the price could actually continue to this area.

EUR/JPY is still bounded in tight range below 99.18 and intraday bias remains neutral. More consolidation could be seen with risk of another dip. But, the cross is staying comfortably inside a near term rising channel and thus, further rally is still expected. Above 99.18 will target 38.2% retracement of 111.43 to 94.11 at 110.72 next. On the downside, break of the channel support (now at 97.31), however, will indicate that such rebound has completed and will flip bias back to the downside for 95.71 support for confirmation.

Support & Resistance 29/08/2012

Sup 1 : 99,00
Sup 2 : 99,38
Sup 3 : 99,94

PIVOT : 98,44

Res 1 : 98,06
Res 2 : 97,50
Res 3 : 97,12

the pair is trading above the Ichimoku cloud, and almost worked two buy signals, so you can expect it in the north, going to buy at the price of breaking the resistance level of 98.80.

http://i50.tinypic.com/2iqnak4.gif

The short term trend of the pair is to the upside. Intraday trading range of the pair is expected among key support at 96.90 and key resistance at 99.85. Based upon my chart analysis, I prefer to buying the pair around 98.60 with targets 99.00, 99.85 then 100.00 and stoploss with four hour candle closing below 97.75.

The pair will fall dawn soon if he coudnt get near to the daily top and our frist target will be 97.80

Again pair almost came close to a horizontal line of resistance 98.78 which for several days in a row can not be overcome, while waiting for a good point to sell, but if you break through 98.78 will buy.