Monday June 11, 2007 - 04:20:29 GMT
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Daily Analysis for EURJPYPrice:
Resistance: 162.60 ... 162.87 ... 163.06 ... 163.27
Support: 162.14 ... 161.76 ... 161.30 ... 161.07
While 162.87-06 caps I feel the downside should push lower to 160.49
Losses seen but not quite as expected. There is risk of a recovery being seen today towards the 162.87-163.06 area. However, that is as far as Iâ€™d like to see the move. Thus a stronger bullish stance will require a break above 163.06 and if seen it would help to pressure higher again back to 163.52 and possibly the 163.93-00 area. Again, above is required to trigger a stronger attempt higher.
Loss of 163.55-80 appears to have broken the upside and the only way to see this gain the upper hand is a break above 163.20 and then 163.70-00. If seen then the ideal 165.05 target is possible. (June 8th)
We didnâ€™t see as deep a recovery as expected but direct losses that stalled at 161.76. Overall I remain bearish although we do need to take into consideration the possibility of sideways consolidation. Once 161.76 is broken we should see follow-through to 161.23-37 â€“ do take a little care there though I suspect we should see stronger losses towards 160.49.
The break below 163.60 has triggered losses to just above the 162.18 low and this should continue towards 161.32 and while this should allow a correction the eventual target is back around 159.60. (June 8th)
ELLIOTT WAVE COMMENTS
Basically no change but I note that the decline to 161.76 included a 76.4% projection of the move down from 163.98 and therefore I have shifted the Wave a low to 161.76. We now need to see the 162.87-163.06 area cap being the 50%-58.6% retracement in Wave b. From there I note a 176.4% projection in Wave iii at 161.23 and a 223.6% projection at 160.49 which I tend to prefer seeing.
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