Wednesday January 30, 2008 - 03:46:32 GMT
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Daily Analysis for EURJPY
||I suspect that while 158.30-50 (max) caps we should see losses develop to 155.83|
||The 158.50 peak was not even tested and I somehow feel we have lost the window of opportunity to see any further gains. Thus Iâ€™d only reconsider the upside should we see a break above this morningâ€™s 158.30 high and then 158.51. Only if seen would I expect follow-through to the 159.11-36 area but would watch this carefully as this could provide a larger cap. Next resistance is then found at 160.08-40.|
||I suspect we could be seeing some sideways trading. Thus a break higher will need a move above 159.11-36. Only if seen would the upside be possible to 160.40-90 at least. (29th January)|
||Mainly sideways trading yesterday doesnâ€™t really inspire the upside. However, if there are to be losses (as I suspect) we really do need a quick break below 157.40 and yesterdayâ€™s 157.10 low. If seen it should cause additional losses down to 156.37 and probably 155.53-83 where a correction is possible. Below extends to 155.16 and possibly 154.62. |
||The rejection just below the 159.36 highlights the risk of additional losses. Below 157.10 would open up 155.53-83 and 154.62 en route the 152.09 low once again where a correction is again possible. (30th January)|
ELLIOTT WAVE COMMENTS
We have to keep in mind that Fridayâ€™s 159.11 may have satisfied the 50% retracement and this would then be bearish â€“ below 156.18 confirms â€“ else above a 50% retracement around 157.50-80 would suggest further gains.
The recovery yesterday hasnâ€™t seen follow-through so I suspect we could be seeing a small triangle with a base at the 76.4% retracement at 156.23 (maybe a touch below).
Keep the 159.11-36 and 155.53 levels as signals for a break out.
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