Mizuho Corporate Bank

Technical Analysis 03 August 2010

JPY
JPY=EBS, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
14Apr10 - 08Sep10

JPY=EBS , Last Quote, Candle Pr

03Aug10 86.49 86.65 86.28 86.44
JPY=EBS , Last Quote, Tenkan Sen 9 94.5
03Aug10 87.04
JPY=EBS , Last Quote, Kijun Sen 26
03Aug10 87.69 94
JPY=EBS , Last Quote, Senkou Span(a) 52
07Sep10 87.36 93.5
JPY=EBS , Last Quote, Senkou Span(b) 52
07Sep10 89.42 93
JPY=EBS , Last Quote, Chikou Span 26
29Jun10 86.44
92.5

92

91.5

91

90.5

90

89.5

89

88.5

88

87.5

87

86.5

86
19Apr10 26Apr 03May 10May 17May 24May 31May 07Jun 14Jun 21Jun 28Jun 05Jul 12Jul 19Jul 26Jul 02Aug 09Aug 16Aug 23Aug 30Aug 06Sep

Comment: Expect more cautious downside probing today and probably throughout August. However, we
warn against complacency as price action since mid-June is a potential ‘wedge’ formation which could cause a sudden
and large short-covering rally at any point in time. Allow for some serious hesitation at 85.00, with one-month at-
the-money implied volatility surprisingly trading just under its very long term mean at 11.15%.

Strategy: Sell at 86.40, adding to 87.00; stop above 87.75. First target 86.00/85.85, then 85.75/85.50.
Chart Levels:
Support Resistance Direction of Trade
86.20 86.65
85.95* 87.05
85.85 87.45
85.50 87.70*
85.00/84.82** 88.12**

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.