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Mizuho Corporate Bank

Technical Analysis 10 August 2010


JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
09Apr10 - 15Sep10

JPY=EBS , Last Quote, Candle Pr


10Aug10 85.94 86.06 85.68 85.85
JPY=EBS , Last Quote, Tenkan Sen 9 94.5
10Aug10 86.27
JPY=EBS , Last Quote, Kijun Sen 26 94
10Aug10 87.09
JPY=EBS , Last Quote, Senkou Span(a) 52
93.5
14Sep10 86.68
JPY=EBS , Last Quote, Senkou Span(b) 52
93
14Sep10 88.96
JPY=EBS , Last Quote, Chikou Span 26
06Jul10 85.85 92.5

92

91.5

91

90.5

90

89.5

89

88.5

88

87.5

87

86.5

86

85.5

85
13Apr10 20Apr 27Apr 04May 11May 18May 25May 01Jun 08Jun 15Jun 22Jun 29Jun 06Jul 13Jul 20Jul 27Jul 03Aug 10Aug 17Aug 24Aug 31Aug 07Sep 14Sep

Comment: Understandably cautious moves as we hover over the pivotal long term chart point at 85.00. All
elements of this daily Ichimoku ‘cloud’ chart suggest a short position but caution is warranted as we are currently
working inside a potential ‘wedge’ formation. Note that the US dollar is not oversold against the yen and that
momentum is steadily, not dramatically, bearish. Continue to expect generalised US dollar weakness and a series of
cautious downside probes against the yen and other major currencies.

Strategy: Attempt small shorts at 85.85/86.15; stop well above 87.00. First target 85.30/85.00, then more
keeping in mind the record low was 79.75 in 1995.
Chart Levels:
Support Resistance Direction of Trade
85.68 86.06
85.30 86.20
85.00* 86.45/86.57
84.82* 86.89
84.50 87.00*

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.