Forex Notes

Technical levels to a pair of Euro / Yen

Resistance 4: Y127.08 maximum of 28 January
Resistance 3: Y125.94 38.2% retracement of the decline in January / February
Resistance 2: Y124.44/58 at least 28 April, 61.8% from February range
Resistance 1: Y124.11/28 slight trend January 14, a maximum of 9 February

Current level: Y124.00

Support 1: Y123.00 5-day moving average
Support 2: Y120.70 at least Feb. 5
Support 3: Y120.00 double maximum of 6 / February 9, 2009
Support 4: Y118.47 76.4% retracement of the range of 2009

Comment: bullish cross on the daily stochastics euro / yen remains, although the momentum is on the negative territory. Bulls now await the previous lows at Y124.44, as well as Fibonacci level at Y124.58. Basic Fibonacci levels are expected from the level of Y125.94, a 5-day moving average at Y123.00 is the primary support.