Mizuho Corporate Bank

Technical Analysis 13 January 2010

JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
01Oct09 - 18Feb10
Pr

93.5

93

92.5

92

91.5

91

90.5

90

89.5

89

88.5

88

87.5
JPY=EBS , Last Quote, Candle
13Jan10 90.99 91.36 90.91 91.11
JPY=EBS , Last Quote, Tenkan Sen 9 87
13Jan10 92.26
JPY=EBS , Last Quote, Kijun Sen 26 86.5
13Jan10 90.57
JPY=EBS , Last Quote, Senkou Span(a) 52
86
17Feb10 91.41
JPY=EBS , Last Quote, Senkou Span(b) 52
17Feb10 89.30 85.5
JPY=EBS , Last Quote, Chikou Span 26
09Dec09 91.11 85

05Oct09 12Oct 19Oct 26Oct 02Nov 09Nov 16Nov 23Nov 30Nov 07Dec 14Dec 21Dec 28Dec 04Jan 11Jan 18Jan 25Jan 01Feb 08Feb 15Feb

Comment: Going according to plan as prices retreat from ‘channel’ resistance and now closing below recent
interim lows at 91.00. While finding support from the 26-day moving average, yesterday’s close has turned
momentum bearish. The USD is not oversold so we favour another drop. Note that futures open interest is one third
of 2007’s peak showing just how many investors have given up on the ‘carry trade’. Ignore comments on this
subject.

Strategy: Sell at 91.15, adding to 91.80; stop above 92.35. Short term target 90.65, then 90.00.
Chart Levels:
Support Resistance Direction of Trade
90.91 91.36
90.73/90.57* 91.90
90.00 92.33
89.80 92.65
89.25 93.22* 93.78**

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.