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Mizuho Corporate Bank

Technical Analysis 05 August 2010


JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
23Apr10 - 10Sep10

JPY=EBS , Last Quote, Candle Pr


05Aug10 86.27 86.46 86.01 86.24
JPY=EBS , Last Quote, Tenkan Sen 9 94.5
05Aug10 86.72
JPY=EBS , Last Quote, Kijun Sen 26
94
05Aug10 87.24
JPY=EBS , Last Quote, Senkou Span(a) 52
09Sep10 86.98 93.5
JPY=EBS , Last Quote, Senkou Span(b) 52
09Sep10 89.11 93
JPY=EBS , Last Quote, Chikou Span 26
01Jul10 86.24 92.5

92

91.5

91

90.5

90

89.5

89

88.5

88

87.5

87

86.5

86

85.5

28Apr10 05May 12May 19May 26May 02Jun 09Jun 16Jun 23Jun 30Jun 07Jul 14Jul 21Jul 28Jul 04Aug 11Aug 18Aug 25Aug 01Sep 08Sep

Comment: We remind that while favouring repeated cautious downside testing, this will involve sudden,
sharp, short-covering rallies along the way. Yesterday’s bounce from the bottom of the potential ‘wedge’ formation,
ahead of the key 85.00 level, is merely the first of many. Naturally the authorities are getting jittery but it should be
noted that the yen is currently not ‘expensive’ as it was when we last traded here in 1995. On the Big Mac basis at
320 yen it is the same price as the $3.67 it costs today in the US. Expect consolidation above 85.00 today.

Strategy: Attempt small shorts at 86.20; stop above 87.60. First target 85.40, maybe 85.00/84.82.
Chart Levels:
Support Resistance Direction of Trade
86.00 86.46
85.65 86.72
85.40/85.32* 86.89/87.00*
85.00* 87.25
84.82* 87.60*

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.

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