Friday January 5, 2007 - 04:18:30 GMT
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FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPY
Resistance: 155.19 ... 155.38 ... 155.55 ... 155.86
Support: 154.84 ... 154.58 ... 154.35 ... 154.18
We feel a pullback towards 155.86-156.07 is likely before additional losses
Losses were expected but were much stronger than anticipated. We have seen the 154.84 level tested already and this is likely to cause a pullback. A move back above 155.19 will encourage with next resistance at 155.55. Overall we feel this correction should reach 155.86-156.07 before reversing lower again. Above 156.07sees 156.36 before lower.
The larger correction was anticipated though this is developing faster than expected. Wait for a test of 154.18 and maximum 153.52-78 from where we expect the uptrend to resume. (January 5th)
While we expected losses this occurred much faster than expected and is close to completion. However, first move should be a correction back to 155.86-156.07 from where we expect additional losses to 154.18 at least. Only an earlier break below 154.80 would imply a direct test lower. While 154.18 is the favored target we should also allow for 153.52-78 but this should be the maximum downside.
The 154.84 level has been tested already and there should be further losses to 154.18 at least. We should allow for 153.52-78 but this is the most we expect on the downside. (January 5th)
ELLIOTT WAVE COMMENTS
Well, the Wave (iv) developed much quicker than expected and has reached the 41.4% retracement at 154.84 already. It could be that this has completed the move but we suspect a fuller test of the 50% retracement at 154.18 while slight breaches can occur in this currency pair towards the 58.6% retracement which is at 153.52.
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