Tuesday November 28, 2006 - 05:35:36 GMT
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FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPY
Resistance: 152.54 ... 152.70 ... 152.99 ... 153.30
Support: 152.24 ... 152.10 ... 151.70 ... 151.50
Cautiously we look for 152.54-68 to cap â€“ below 152.10-24 confirms losses
We have seen the upside come under considerable pressure but interestingly stall at our higher weekly resistance at 152.54. There has not yet been sufficient movement lower to confirm a reversal and thus we do need to be a little cautious but only above 152.68 would imply gains to 152.99 which also provides a good resistance.
In line with our long term report we are seeing a test of the 152.14-34 (max 152.54) resistance but expect this to cap. Only a move 152.68 would extend to 153.30-50. (November 27th)
The 152.54 target has been achieved but we have yet to see a solid move lower to confirm our analysis. A break below 152.10-27 will assist and if seen look for the downside to reach the 151.70 pivot area and we suspect all the way down to 151.21 which should cause a pullback.
Gains seen as expected and we feel the 152.34-54 area will provide an excellent selling opportunity for losses back to 148.84 initially and by the end of the year to 145.00(November 27th)
ELLIOTT WAVE COMMENTS
Target being met and should cause a reversal lower that should see the Wave b of Wave v first at 151.20 but overall look for a move back down to the Wave (b) of Wave (v) level at 148.84.
Amid a bearish divergence we have achieved the 152.54 target though as yet there has been no reversal lower. On a break below 152.10-24 look for an initial move down to the Wave b of Wave v at 151.21 before continuing to the 150.32 Wave iv low.
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