Friday February 2, 2007 - 05:21:56 GMT
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FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPY
Resistance: 157.47 ... 157.82 ... 158.13 ... 158.40
Support: 157.00 ... 156.58 ... 156.28 ... 155.95
We look for 157.36-47 to cap for move to 156.23-36 before higher again
Losses were stalled by 157.58 but we still feel we should see one final move lower before a move higher can be seen. There is resistance at 157.36-47 still and only directly above here would suggest an earlier resumption of the move higher which should accelerate above 157.80-85 and onto the 158.13 high en route a retest of 158.61.
We feel price is in a large sideways consolidation and thus to generate a resumption of the move higher we shall need to see the 157.61 and 158.20 areas give way for 158.60, 159.16 and probably 160.06. (February 1st)
Although price didnâ€™t reach our targets yesterday we remain with the basic view that we should be seeing a test of 157.23-36 and thus while 157.36-47 caps we still look for additional losses below 157.00 and then below yesterdayâ€™s low at 157.58 and to the 156.23-36 target from where we expect a reversal higher. Only below 156.20 and then 155.95 would imply a stronger bearish stance for 155.30 at least.
We remain with the view that we are likely to see a period of range trading between 156.10-30 and 157.80-00 before further strength. Thus a stronger downside requires a breach of 156.10. (February 1st)
ELLIOTT WAVE COMMENTS
We still cautiously retain the triangle scenario but cannot rule out a flat correction with a peak at 158.61. From the 158.10-20 area we would expect the next leg lower to reach the 156.10-30 area being 61.8%-66.67% projection in Wave ^c.
No change in view. We look today for the 156.10-30 area to be tested in Wave ^c of the triangle before Wave ^d can begin.
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