Wednesday September 19, 2007 - 03:37:37 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for EURJPY
||While 161.50-72 supports there is still room for gains to the 162.85 target before reversing|
||While the 158.99 low broke the 158.51-77 area remained intact and generated a stronger rally in line with the medium term view which broke higher very quickly stalling at 162.54. It is possible this has provided a high but I suspect that the 161.50-72 area should continue to support for a final rally above 162.54 and to the 162.85 target which I feel will cap for a larger correction lower. Next resistance is at 163.45 and then not until 164.27.|
||We have seen a rally toward the 162.85 target but I feel this will this will cause a pullback. Overall I still feel this has upside to 164.27 but before that we should see a correction lower. (19th September)|
||With the 162.85 target very close this should provide a good selling opportunity. Stops to be placed above 163.10. A break back below 161.50 will assist and cause losses back down to 160.28 over time. Any earlier break below 161.40-50 would suggest direct losses. |
||The upside has been too strong and seems to suggest we shall reach 162.83 before a cap. Only an earlier break below 158.51 would trigger earlier losses â€“ then look for 157.48. (14th September)|
ELLIOTT WAVE COMMENTS
I suspect the 158.99 low may well have completed Wave iv â€“ but do keep in mind the 50% retracement at 158.51. This should generate gains in Wave v.
We are now approaching the 162.85 target where Wave (c) will have extended by 161.8% and Wave v will have projected by 76.4%. Also within this Wave v I see that Wave c at a projection of 138.2% will also come to this level.
Thus look for the start of a second Wave (x) lower.
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."