After having negotiated in April 2010, EUR/JPY price levels show signs of a potential correction as part of profit-taking. The pair is overbought on daily charts and it is very likely that in the next few days there is a correctional trend until 124.94 weekly pivot. It is likely that this upward level forces an upward movement with targets to 128.22. Therefore, we must oversee this weekly pivot point level, below this level the pair could quickly fall to the next support 122.91.

124.94 and 120.88 are weekly and monthly pivot points for this week for EUR/JPY.

Signals for February 04 - 09, 2013

Buy if it rebounds at 124.94 (W_PPV) with take profit at 126.90 and 128.22 (W_R1), stop loss is below 122.90.

Sell if it closes below 124.94 (W_PPV) with take profit at 122.91 and 119.19 (W_S2), stop loss is above 125.50.

____WEEKLY_____
Weekly - R3 = 134.41
Weekly - R2 = 130.69
Weekly - R1 = 128.66
Weekly Pivot = 124.94
Weekly - S1 = 122.91
Weekly - S2 = 119.19
Weekly - S3 = 117.16

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____MONTHLY____
Monthly - R3 = 135.06
Monthly - R2 = 131.92
Monthly - R1 = 128.22
Monthly Pivot = 120.88
Monthly - S1 = 117.18
Monthly - S2 = 109.84
Monthly - S3 = 106.14