Mizuho Corporate Bank

Technical Analysis 02 August 2010

Monthly Outlook for EUR/JPY
EURJPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Weekly
23Jul09 - 06Feb11
Pr
EURJPY=EBS , Last Quote, Candle
08Aug10 112.73 113.55 112.73 113.38 140
EURJPY=EBS , Last Quote, Tenkan Sen 9
08Aug10 111.02
EURJPY=EBS , Last Quote, Kijun Sen 26 138
08Aug10 117.63
EURJPY=EBS , Last Quote, Senkou Span(a) 52 136
30Jan11 114.32
EURJPY=EBS , Last Quote, Senkou Span(b) 52
30Jan11 122.92 134
EURJPY=EBS , Last Quote, Chikou Span 26
14Feb10 113.38 132

130

128

126

124

122

120

118

116

114

112

110

108

Aug09 Sep Oct Nov Dec Jan10 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan11 Feb

Comment: Yen crosses have been very tricky for the last year or so, trading broadly sideways close to but
above extreme/record lows. We shall continue to allow for a series of cautious downside tests, followed by painful
rallies, for another three months or so. At the moment we see the lowest downside probe no lower than 105.50. As
to the upside, rallies will probably be capped between 115.00 and 120.00.
Below 105.00 would target the psychological 100.00 and then all-time low of October 2000 at 88.93.
Chart Levels:
Support Resistance Direction of Trade
111.00 114.75
109.00 115.50*
108.00 117.00
107.30/107.00* 119.50*
105.50* 122.20

Produced by London Branch - Nicole Elliott +44-20-7786-2509

The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or
warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared
solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading
strategy.

Charts provided by Reuters.