Friday July 6, 2007 - 03:25:26 GMT
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Daily Analysis for USDJPYPrice:
Resistance: 123.08 ... 123.41 ... 123.71 ... 124.08
Support: 122.80 ... 122.57 ... 122.26 ... 121.64
While 122.57 supports we should see progress above 123.08 and through 123.71 for 124.08-13
Break of 123.81 has been seen and while progress higher has not been direct I still feel the risk has turned higher and while the 122.57 support holds I will look for a break above 123.08 to extend gains through resistance at 123.41, 123.71 and to the 124.08-13 area which should cause a pullback. Next resistance is at 124.39.
I am beginning to get more short-term bullish for a move to the 124.86 target and at most 125.10-60. However, a larger correction lower is due. (June 29th)
The break above 122.81 appears to lessen the downside risk. For this to re-emerge we shall require a break back below 122.57 and then also 122.26-32. If this is seen then look for stronger losses to 121.64 at least and probably further to 120.71-96.
I am not giving up the 124.86 target just yet and we still havenâ€™t seen breach of the last major low at 120.76 yet. There is support initially at 121.64 and then 120.91. Only below would imply losses to 117.20-60 again. (July 3rd)
ELLIOTT WAVE COMMENTS
The pullback has been deep enough to suggest we have seen Wave c stall at the 122.08 pivot support and as such this completes Wave â€“b- and we should now see Wave â€“c- proceed higher.
I feel that we have already seen Wave i and Wave ii and whihle we need be careful at the 123.55 Wave b high I suspect Wave a of Wave iii will rally back to the 124.08-13 area.
This should be followed by Wave b and then Wave c to the 261.8% projection in Wave iii at 124.39. Then note the expanded flat target at 124.86 while a Wave equality target in Wave â€“c- rests at 125.54.
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