The EUR/JPY pair is trading below the weekly pivot. It is starting to show a bearish sequence as part of a correction in the uptrend of the yen and the euro. Our first downside target should trace it around 117.38. Below this level the fall would be faster to the level of 115 yen to the euro. Continued pressure may fall to 111.80 in order to fill the gap it left on December 24. All the gaps are covered, so in the medium term it should be at these levels. This pair is overbought, so you should be cautious if you are buying this pair.

119.05 and 111.67 are weekly and monthly pivot points for this week for EUR/JPY.

Signals for January 21 - 26, 2013

Sell if pullback is at 120.63 (W_R1) with take profit at 117.38 and 114.80 (W_S1), stop loss is above 121.63.

Sell if it closes below 119.05 (W_PPV) with take profit at 117.38 (W_S1), stop loss is above 121.63.

____WEEKLY_____
Weekly - R3 = 125.88
Weekly - R2 = 123.30
Weekly - R1 = 121.63
Weekly Pivot = 119.05
Weekly - S1 = 117.38
Weekly - S2 = 114.80
Weekly - S3 = 113.13

If you would like to get this indicator, feel free to contact me via e-mail: [email protected]

____MONTHLY____
Monthly - R3 = 126.06
Monthly - R2 = 120.38
Monthly - R1 = 117.35
Monthly Pivot = 111.67
Monthly - S1 = 108.64
Monthly - S2 = 102.96
Monthly - S3 = 99.93