Mizuho Corporate Bank

Technical Analysis 19 January 2010

JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
17Oct09 - 25Feb10
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
19Jan10 90.79 90.79 90.34 90.45
JPY=EBS , Last Quote, Tenkan Sen 9 87
19Jan10 92.06
JPY=EBS , Last Quote, Kijun Sen 26 86.5
19Jan10 91.19
JPY=EBS , Last Quote, Senkou Span(a) 52
23Feb10 91.62 86
JPY=EBS , Last Quote, Senkou Span(b) 52
23Feb10 89.30 85.5
JPY=EBS , Last Quote, Chikou Span 26
15Dec09 90.45 85

20Oct09 27Oct 03Nov 10Nov 17Nov 24Nov 01Dec 08Dec 15Dec 22Dec 29Dec 05Jan 12Jan 19Jan 26Jan 02Feb 09Feb 16Feb 23Feb

Comment: Retracing 38% of December’s rally so allow for a little hesitation around here today. Note also that
the Lagging Span may also find support from the thin ‘cloud’ of 26 days ago. Futures positions are being re-built but
note these are running at about one-third of the 2007 peak.

Strategy: Sell at 90.45, adding to 91.00; stop above 92.05. Short term target 90.00, then 89.50.
Chart Levels:
Support Resistance Direction of Trade
90.34 90.79
90.00 91.07
89.85 91.33
89.50 91.66
89.30* 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.