Mizuho Corporate Bank

Technical Analysis 18 January 2010

JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
22Oct09 - 23Feb10
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

18Jan10 90.81 91.07 90.71 90.94
JPY=EBS , Last Quote, Tenkan Sen 9 87
18Jan10 92.19
JPY=EBS , Last Quote, Kijun Sen 26
86.5
18Jan10 91.05
JPY=EBS , Last Quote, Senkou Span(a) 52
22Feb10 91.62 86
JPY=EBS , Last Quote, Senkou Span(b) 52
22Feb10 89.30 85.5
JPY=EBS , Last Quote, Chikou Span 26
14Dec09 90.94
85

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

Comment: Hovering at the lower levels of the last three weeks, just under the 26-day moving average at
91.05 today, and below the 9-day one. Last week’s close just below 91.00 has turned momentum bearish, many yen
crosses having ‘bearish engulfing’ weekly candles. We also have a small potential ‘head-and-shoulders’ topping
pattern whose measured target is at least 89.00, probably just under 88.00.

Strategy: Sell at 90.95, adding to 91.30; stop above 92.05. Short term target 90.75, then 90.00.
Chart Levels:
Support Resistance Direction of Trade
90.70 91.07
90.60* 91.33
90.35 92.05*
90.00 92.65
89.50 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.