Tuesday July 10, 2007 - 03:09:30 GMT
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Daily Analysis for EURJPYPrice:
Resistance: 168.15 ... 168.48 ... 168.80 ... 169.06
Support: 167.64 ... 167.49 ... 167.20 ... 166.71
Watch support at 167.49-64 â€“ while this holds the upside can resume
The 168.52 resistance capped yesterday and has forced a pullback. However, I note support that should develop between 167.49-64. While this holds a move back above 168.15 will assist back higher and see a move to the 165.51 high once again which should cause a correction. Above there extends above 169.00.
The 168.23-52 area has been achieved already. While 167.23-62 supports this looks as if it does have legs to move above 168.60 to 169.09 and 169.38 and 169.95. (July 9th)
The 168.52 resistance capped and has caused what I feel to be only a pullback which should provide support between 167.49-64. Thus any stronger bearish stance will require a break of the 167.49 support and if seen it would trigger stronger losses below 167.20 and to the 166.71-93 area which should cause a correction. Next support is then found at 166.22-36.
MT Bearish: Bearish divergences are forming so letâ€™s be aware of a reversal but we shall need confirmation. Indeed confirmation doesnâ€™t really occur until below 166.75-00. (July 9th)
ELLIOTT WAVE COMMENTS
Gains have almost reached the 168.50 target but we donâ€™t appear to have completed a structure higher. I note that Wave â€“c- will equal Wave â€“a- at 169.65 and I can also see a larger daily Wave (v) at 169.95.
It looks like the 168.51 high seen yesterday was Wave iii of Wave â€“c- and thus a Wave iv pullback of between 50% & 58.6% would imply support at 167.49-64. While this are supports we should then see gains in Wave v towards the 61.8%-76.4% projections between 169.06-169.38. Note that Wave â€“c- will equal Wave â€“a- at 169.65.
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