Tuesday February 19, 2008 - 05:06:49 GMT
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Daily Analysis for EURJPY
||Care â€“ until the 158.95 resistance is cleanly broken there is still risk of losses in a triangle|
||Gains were seen as expected which stalled just a few points below the 158.95 resistance. There is no obvious reversal signal and thus we should still be aware of the risk of additional gains. While this is possible directly Iâ€™d like to see the 157.78-158.10 area support. A move then above 158.95 would extend gains to the 159.46 high and probably further towards 160.23-34 at least. Further resistance is seen at 160.88 and at most 161.30-41. |
||Price has expected to the low end of the 158.59-95 resistance and may well see the high end. However, only cleanly above means we shall see a stronger move higher to 161.41 at least. (15th February)|
||Gains have stalled just a few points below 158.95 and as such the risk of losses remains. There is support between 157.78 and 158.10 and only a clean break below here would cause losses through yesterdayâ€™s 157.50 low and suggest losses to 156.80 and probably 156.48 which should hold. Next support is at 155.50-80. |
||I suspect a potential triangle in this section of the wave structure and thus while 158.95 caps we should see weakness re-emerge but stall at 154.85-12 and bounce before larger losses are seen. (15th February)|
ELLIOTT WAVE COMMENTS
This is beginning to look more bullish. The decline to 154.04 seems too shallow for a triangle but note the possible retracement to 158.59-95 that could support such a pattern.
On a larger scale a break back above 156.46 would be more bullish and suggest a wave equality target at 161.41.
A break back below 154.04 should lead back to the 152.09 low but the structure doesnâ€™t yet look strong enough to suggest direct breach in Wave (v).
Iâ€™m going with the triangle patter to the 66.7% projection in Wave ^c at 158.95 followed by a decline in Wave ^d.
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