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Mizuho Corporate Bank

Technical Analysis 04 August 2010

JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
26Apr10 - 10Sep10

JPY=EBS , Last Quote, Candle Pr

04Aug10 85.80 85.91 85.32 85.40
JPY=EBS , Last Quote, Tenkan Sen 9 94.5
04Aug10 86.72
JPY=EBS , Last Quote, Kijun Sen 26
04Aug10 87.24
JPY=EBS , Last Quote, Senkou Span(a) 52
08Sep10 86.98 93.5
JPY=EBS , Last Quote, Senkou Span(b) 52
08Sep10 89.11 93
JPY=EBS , Last Quote, Chikou Span 26
30Jun10 85.40 92.5















03May10 10May 17May 24May 31May 07Jun 14Jun 21Jun 28Jun 05Jul 12Jul 19Jul 26Jul 02Aug 09Aug 16Aug 23Aug 30Aug 06Sep

Comment: Dropping to the bottom of a potential ‘wedge’ formation and towards they key 85.00 level.
Naturally the authorities are getting jittery but it should be noted that the yen is currently not ‘expensive’ as it was
when we last traded here in 1995. On the Big Mac basis at 320 yen it is the same price as the $2.67 it costs in the
US. Allow for some more cautious downside testing and serious hesitation at 85.00, noting that the US dollar is not
oversold against the yen and that bearish momentum is as strong as it was last summer.

Strategy: Attempt small shorts at 85.40, adding to 86.00; stop well above 87.00. First target 85.00/84.85,
maybe 83.60.
Chart Levels:
Support Resistance Direction of Trade
85.32 85.91
85.00* 86.40
84.82* 86.65
84.50 86.89/87.00*
84.00 83.60 82.80 87.60

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

Charts provided by Reuters.