Wednesday, September 29, 2010
09/29/2010 EURJPY 5m Update
PA opened 10 pips under 09/28 high, and immediately tested and broke @ 8:15PM (PA had been above 100 & 300 EMAs since earlier in morning from 9AM). Tested MR2 pivot and retreated quickly down to 100 EMA; flirted till 12:35AM and broke below 100 EMA and past MR1. Broke 300 EMA and tested FPV; moved down for 30 pips. Rebounded off FPV to break up through 100 & 300 EMAs, past open to test yesterday's high of "114.003". Rebounded again past 100 & 300 EMAs to test FPV once again. Past 100 EMA move for 20 pips. Rebounded off FPV to break 100 & 300 EMAs to test Open, flirted with 100 & 300 EMAS (no significant breaks). PA guided by 300 EMA currently, ranging between yesterday's high "114.003" and 300 EMA value. So far, 4 tests of yesterday's high have rebounded downwards. Expecting significant break of 300 EMA before Close. Watch for break of FPV "113.525" to confirm downtrend.