This week the EUR/JPY is showing an upward movement; it is trading above the weekly pivot of 125.00 yen. We expect a bullish move to first weekly resistance at 126.58. If the pair closes on daily charts above this level, it is likely to be a new wave upward to 129.65, next resistance. Therefore, we recommend buying above 126.60, below this level, the downward pressure increases, and it is likely to be extended to the weekly support 122.31. Therefore, we must oversee this weekly resistance, below this level the pair could quickly fall to the next support 122.31.

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

Signals for February 11 - 16, 2013

Buy if it closes above 126.58 (W_R1) with take profit at 127.70 and 129.26 (W_R2), stop loss is below 122.30.

Sell if it closes below 126.00 (W_R1) with take profit at 125.00 and 122.32 (W_S1), stop loss is above 127.80.

____WEEKLY_____
Weekly - R3 = 130.84
Weekly - R2 = 129.26
Weekly - R1 = 126.58
Weekly Pivot = 125.00
Weekly - S1 = 122.32
Weekly - S2 = 120.74
Weekly - S3 = 118.06

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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