Mizuho Corporate Bank

Technical Analysis 25 January 2010

JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
22Oct09 - 02Mar10
Pr

93.5

93

92.5

92

91.5

91

90.5

90

89.5

89

88.5

88

JPY=EBS , Last Quote, Candle 87.5

25Jan10 90.30 90.34 89.82 90.25
JPY=EBS , Last Quote, Tenkan Sen 9 87
25Jan10 90.92
JPY=EBS , Last Quote, Kijun Sen 26 86.5
25Jan10 91.78
JPY=EBS , Last Quote, Senkou Span(a) 52
01Mar10 91.35 86
JPY=EBS , Last Quote, Senkou Span(b) 52
01Mar10 89.30 85.5
JPY=EBS , Last Quote, Chikou Span 26
21Dec09 90.25
85

26Oct09 02Nov 09Nov 16Nov 23Nov 30Nov 07Dec 14Dec 21Dec 28Dec 04Jan 11Jan 18Jan 25Jan 01Feb 08Feb 15Feb 22Feb 01Mar

Comment: Friday’s close clearly below the 38% Fibonacci retracement support has forced moving averages to
cross to bearish but momentum has not increased. The US dollar is not especially oversold and futures volume on
Thursday was high, suggesting many have been surprised by recent moves. We shall expect a drop to 61%
retracement (88.25) this week.

Strategy: Sell at 90.25, adding to 91.00; stop above 92.05. Short term target 89.80/89.50, then 88.50.
Chart Levels:
Support Resistance Direction of Trade
90.00 90.43
89.71* 90.57
89.50 91.00
89.30 91.50
88.80 91.88*

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.