Last week the EUR JPY pair had a bullish rally on Friday, as 120 yen level offered support to pair. If you look at the weekly chart, this pair is within a short-term bearish channel and it is likely that this week it will make attempts to break this level. But for the long term this pair has behaved extremely bullish. Remember that the Bank of Japan is aimed at weakening the yen. Therefore, for this new week of the month, we have the pivot level, where we recommend buying if the pair closes above 121.95. On the other hand, if the pair trades below the weekly pivot, you can sell this pair. For it to succeed in trading, you should be very attentive to the levels of 1.30 and 1.3250, the price of the EUR/USD pair. We have outlined the likely movements and signals, they can be found below.

121.94 and 122.44 are weekly and monthly pivot points for this week for EUR/JPY.

Signals for March 04 - 09, 2013

Buy above 121.94 with take profit at 125.10 and 128.35 (W_R2), stop loss is below 118.69 (W_S1).

Sell if it closes below 121.80 (W_PPV) with take profit at 118.69 (W_S1), stop loss is above 122.50.

____WEEKLY_____
Weekly - R3 = 131.51
Weekly - R2 = 128.35
Weekly - R1 = 125.10
Weekly Pivot = 121.94
Weekly - S1 = 118.69
Weekly - S2 = 115.53
Weekly - S3 = 112.28

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

____MONTHLY____
Monthly - R3 = 134.99
Monthly - R2 = 131.34
Monthly - R1 = 126.09
Monthly Pivot = 122.44
Monthly - S1 = 117.19
Monthly - S2 = 113.54
Monthly - S3 = 108.29