Monday December 3, 2007 - 05:22:36 GMT
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Daily Analysis for EURJPY
||Mixed â€“ waiting for breaks |
||The upside almost looked as if it would win through but stalled at 163.85 from where it has been a one-way move lower. I would rather wait for confirmation of gains before attempting to follow this higher and suspect we should see losses reach 161.33-55. Only while this remains intact can this return higher be seen with a move back above 162.31 assisting while a break back above the 162.80-94 area providing a stronger basis for gains back above 163.85 and back to 164.10-29 at least.|
||I would still prefer a recovery to 164.79-97 at least but weâ€™ll need the 161.33-55 support to hold. Only a break above 165.00 would maintain the upward momentum. (1st December)|
||The losses seen from the 163.85 high are frustrating and it would appear that these could extend to the 161.33-55 area. However, at this point we need be cautious about additional losses. Breach of 161.30 would trigger stronger losses down to 160.65 and 160.37 which would appear to provide support for a pullback at least. Next stop would then be at 159.74 and then the 159.39 low.|
||Losses have stalled at the 159.46 level and really to confirm losses we need break here and then the 158.67 low to trigger a move bearish MT scenario. Next support at 157.34 and 156.52. (26th November)|
ELLIOTT WAVE COMMENTS
I still basically favor the move to 164.10-29 being the 174.6% projection in Wave iii followed by a small Wave iv then Wave v to the 164.97 resistance.
However, be wary of loss of 162.02 for stronger losses to 160 & 159.51.
It is possible for a small flat correction back to the 161.55 low and possibly small extension to the 58.6% retracement at 161.33. Watch this area. While it holds there is still an argument for gains back higher to the 164.97wave equality resistance.
Below 161.30 would lead price back to the 159.39 low and quite possibly below 158.67.
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