The EUR/JPY pair is trading in a decisive zone, the 129.07 support level is keeping the pair with an upward trend. It is likely in the next few hours the pair will have a reversal to the weekly pivot area. If this level is a rebound, it is recommended to purchase with targets at first weekly resistance. On the other hand, if the pair breaks this support level, the fall could be fast to first weekly support level. We therefore recommend the following signal will be valid for this week.
Signals for May 06 - 11, 2013
Buy if it rebounds around 129.07 (W_PPV) with take profit at 131.09 (W_R1) and 134.38 (W_R3), stop loss is below 129.07.
Sell if it closes below 129.07 (W_PPV) with take profit orders at 127.80 (W_S1) and 125.78 (W_S2), stop loss is above 130.30.
____WEEKLY_____
Weekly - R3 = 134.38
Weekly - R2 = 132.36
Weekly - R1 = 131.09
Weekly Pivot = 129.07
Weekly - S1 = 127.80
Weekly - S2 = 125.78
Weekly - S3 = 124.51
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly - R3 = 145.25
Monthly - R2 = 138.18
Monthly - R1 = 133.24
Monthly Pivot = 126.17
Monthly - S1 = 121.23
Monthly - S2 = 114.16
Monthly - S3 = 109.22