Tuesday, July 13, 2010

Yen mostly sideways this week - Mizuho Corporate Bank


Forex Special - The JPY has been trading sideways for the past 5 days against virtually every cross. There are no sings indicating that behavior is going to change anytime soon. 

Against the USD, it seems there will not be slides below 87.00, Nicole Elliot from the Mizuho corporate Bank analyzes, "Yesterday’s small ‘spike high/doji’ against first Fibonacci resistance hints that we are forming an interim high around 89.00. Daily and weekly moving averages suggest a short position and we shall continue to allow for sideways work above 87.00 this week."

The lack of movement should also be present in the EUR/JPY chart, "Trapped in a relatively small range, mirrored in all yen crosses, barely looking for direction. Expect sideways work, probably above 109.50", according to Nicole Elliot, who also recommends not to expect a jump over 114.00.

EUR/JPY (Jul 13 at 18:48 GMT)

112.22/25 (0.55%)

H 112.525 L 110.68

S3S2S1R1R2R3
111.28111.56111.84112.00112.28112.56
[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Jul 13 at 16:30 (15-minute timeframe)

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