Thursday December 7, 2006 - 05:37:22 GMT
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Daily Analysis for EURJPY
Resistance: 153.3 ... 153.50 ... 153.78 ... 154.15
Support: 152.81 ...152.55 ... 152.30 ...152.05
Cautiously, while 153.27-35 caps we look for continued losses to 152.00-30
Daily Bullish: Yesterdayâ€™s comments continue to apply:
Losses seen which turned quite aggressive and almost reached the 152.53 corrective low. This still looks like only part of the decline and thus to reverse the picture to a bullish one again we require a break above 153.35 and if seen this will bring price back to 153.78 at least â€“ care advised here. Only above retests the 154.15 high.
MT Bullish: The upside keeps extending and we note resistance at 154.70-155.05 and maximum 155.45 which tentatively we watch for a possible peak. (December 4th)
Daily Bearish: Yesterdayâ€™s comments continue to apply:
With the decline to 152.59 we feel there is still one leg lower to go and this will require the 153.27-35 area to cap and for break of 152.59 to trigger losses to 152.30 at least and possibly the 151.98-07 area. However, this should be enough for now else an even stronger decline to 151.48 is likely.
MT Bearish: With losses seen to 152.59 already we need allow for 152.00-30 which should trigger a correction. Only below means a more rapid decline to 151.48 and lower. (December 6th)
ELLIOTT WAVE COMMENTS
Losses appear to have come in three waves which we suspect are Waves i â€“ iii and thus while a 58.6% pullback in Wave iv at 153.27-35 there is room for losses in Wave v to the 152.00-30 area being a 61.8%-76.4% projection.
Yesterday appears to have seen an expanded flat Wave iv develop and thus we still retain a bearish stance in Wave v which should stall at 152.00-30 before seeing a recovery.
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