Tuesday March 11, 2008 - 03:57:40 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPY
||Mixed â€“ waiting for breaks|
||Price action has become a little strange. While it has broken below the 155.92 low the downside hasnâ€™t developed strongly. We should be aware of the possibility we have seen a small expanded flat correction. In this case a move back above 156.34 and the 156.66 pivot area would likely cause follow-through to 157.07-38. This resistance is important and any follow-through above would imply a move back to the 158.34 at least en route the 159.21-46 area again. |
||I still think the downside looks more probable but cannot rule out a move back to 159.21-46. However, only above here would cause a stronger retest of the 161.39 high. (11th March)|
||The slippage through 155.92 does seem to suggest stronger losses but we need to be cautious as this move may only be a correction. Thus only while the 156.34-66 area caps is there more downside chance. A move below 155.56 would assist for losses to 154.87-155.03 at least. There is also a support at 154.66 and breach would trigger stronger losses to 153.74-91. |
||Losses have developed from the 161.39 high and also below the 155.92 low. However, we still need breach of 154.66 to cause stronger momentum for 153.74 at least and probably lower. (11th March)|
ELLIOTT WAVE COMMENTS
I am not 100% comfortable with the 155.56 low. It may be a Wave a of a minor Wave iii lower â€“ or it could just be a small overshoot within a basically flat correction.
If we see a rise back above the 156.66 pivot area it would favor a move back towards the 159.21 high and possibly the prior 159.46 corrective high before seeing stronger losses.
To confirm losses in Wave â€“c- we need breach of the 38.2% expansion in an expanded flat at 154.66. If seen then look for a wave equality target at 153.74 at least while a 138.2% projection lies at 151.65.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."