Yen Looking Dominant Against Ineffective Euro

Daily Forex Technicals | Written by Finotec Group | Apr 28 09 07:13 GMT |

The yen advanced to a six-week high against the euro after the World Health Organization said the swine flu outbreak is no longer containable, triggering demand for safer assets. Japan's currency also rose to a five-week high versus the dollar after the Wall Street Journal reported Bank of America Corp. and Citigroup Inc. are being told by regulators they need more capital as a result of so-called stress tests, signaling the financial crisis may be far from over. Trading Tactics Sell EUR/JPY on signs of a downtrend. The buying point is at 125.75; previous resistance is the take profit at 127.20; Pivot point is the stop loss at 124.50 The selling point is at 124.71; Pivot point is the take profit at 123.55; Fibonacci 23.6% is the stop loss at 125.65 Technical: Euro is in a clear downtrend against Japanese yen with a break of a strong Fibonacci level. A move back lower could set up a test of 123.55 The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text. Finotec Group Inc. http://www.finotec.com/ Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.