Mizuho Corporate Bank

Technical Analysis 22 January 2010

JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
31Oct09 - 02Mar10
Pr

94

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

22Jan10 90.41 90.50 89.78 90.26
JPY=EBS , Last Quote, Tenkan Sen 9 87
22Jan10 91.11
JPY=EBS , Last Quote, Kijun Sen 26
86.5
22Jan10 91.31
JPY=EBS , Last Quote, Senkou Span(a) 52
26Feb10 91.21 86
JPY=EBS , Last Quote, Senkou Span(b) 52
26Feb10 89.30 85.5
JPY=EBS , Last Quote, Chikou Span 26
18Dec09 90.26 85

04Nov09 11Nov 18Nov 25Nov 02Dec 09Dec 16Dec 23Dec 30Dec 06Jan 13Jan 20Jan 27Jan 03Feb 10Feb 17Feb 24Feb

Comment: Still hovering at 38% retracement support, moves increasingly erratic, so that we formed a very
strange candle yesterday (a mix of a ‘spike high’ with ‘bearish engulfing’ candle). The 9-day moving average has
dropped below the 26-day one now suggesting a bearish position (though we have yet to drop below the ‘cloud’).
Expect yet more messy work at current levels today, keeping in mind that later this month we expect another drop
towards 88.50.

Strategy: Sell at 90.15, 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 90.50
89.78* 90.85
89.50 91.30
89.30 91.88*
88.80 92.05*

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.