Thursday July 12, 2007 - 05:35:39 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPYPrice:
Resistance: 128.28 ... 168.52 ... 168.74 ... 169.14
Support: 167.89 ... 167.67 ... 167.44 ... 167.22
Mixed â€“ waiting for breaks though I do expect a pullback lower at the very least
Break was seen above 167.46-61 and this has seen a move back to 168.40. This may have caused a peak although there is further resistance at 168.51-74 and if we see this directly then Iâ€™ll expect to see a pullback lower. Thus only above 168.74 would keep the move higher extending to 169.14 minimum and probably more likely to 169.35-77 where a cap is expected.
Further gains do look possible now though I still feel a pullback should be expected before this. While 167.22 supports there is still risk to 169.14 and probably 169.35-77 before capping. (July 12th)
The gains seen yesterday mean we need be cautious about direct losses. Only while the 168.51 high remains intact and we see losses break below 167.22 would I look for direct losses below 166.94 and 166.49.
With the bearish divergence and the peak at 168.52 we should be aware of larger losses. However, there is immediate support around 165.98 and only below extends losses directly to 165.00 & 164.17. (July 11th)
ELLIOTT WAVE COMMENTS
The rally back towards the 168.51 high could be Wave a within a final Wave v. However, we should therefore see a pullback in Wave b at the very least. A 50% pullback lies at 167.44 and a 61.8% at 167.22. While these hold the Wave â€“v- targets between 169.14 and 169.77 remain attainable.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."