Friday February 23, 2007 - 04:47:41 GMT
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FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPYPrice:
Resistance: 159.68 ... 159.96 ... 160.31 ... 160.80
Support: 159.20 .. 159.00 ... 158.75 ... 158.54
Mixed â€“ waiting for breaks though cautiously prefer 159.18-25 supporting for a move to 160.28-37
Gains continued yesterday through 159.48 but stalled just short of the 159.74-81 resistance. A correction has occurred and while this remains above 159.18-25 there still appears to be upside risk which should move back above 159.62-74 and then further towards 160.28-37 which cautiously we feel will cap for another correction. Next resistance lies at 160.80.
Gains extend and we attempt to concentrate on the important resistance areas. We feel there is risk to 160.28-37 at least before a correction and then higher to 161.07-11 & eventually the 163 area. (February 23rd)
Further upside has confirmed the risk as higher and thus we need to wait for breaks of key support to see any possible downside moves. First support is at 159.18-25 and if this breaks there is a chance of additional losses through 159.00 and down to the 158.54 area which should cause a small pullback at least. Next support is at 157.92.
The persistent strength suggests we need wait for any selling opportunities and only back below 157.20-50 would open the way for a deeper correction and possibly retest of the 156.23 low. (February 21st)
ELLIOTT WAVE COMMENTS
With the upside continuing we need to assess how far this can go. A 138.2% projection in Wave iii lies at 160.28.37, and a 176.4% projection at 161.07-11. We shall concentrate on these potential targets ahead of a daily target above 163.00.
While this move can continue directly we need the 159.18-25 and then 157.92 area to support to maintain a valid upward structure.
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