Tuesday October 30, 2007 - 03:40:12 GMT
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Daily Analysis for EURJPY
||While 164.12-32 supports the rally can continue towards 166.46-49|
||The 165.52 target was reached and has caused a pullback as expected. This should extend to the 164.32 support (max 164.12) and from here the risk remains higher. A move above 165.05-21 will allow a move back to retest the 165.47 high and while a small pullback from that area is expected, look for gains then to progress towards 165.80-90 and probably all the way to the next target at 166.46-49 which again should see a pullback. |
||Gains have been progressing well and this still appears to be the dominant direction while the 162.74-163.30 area supports. A short term barrier is at 166.49 but should move to 167.72 again â€“ then above. (29th October)|
||The pullback from the 165.52 resistance has been constructive and while 165.00-05 caps there is still risk of losses down to 164.60 and probably 164.32. (At most 164.12.) However, I expect this to cause the uptrend to resume. Thus only below 164.12 would cause additional losses which we should then expect to move through 163.80 for 162.70-96 at least. Next support is at 162.37. |
||The recovery looks firm and only back below 162.40-74 would seem to highlight a second test low back to 160.46 at least and at most 159.60-95. (29th October)|
ELLIOTT WAVE COMMENTS
I still see a 138.2% in Wave â€“iii- target at 166.46 where Wave â€“c- will have extended by 161.8%.
This should allow a Wave â€“iv- to develop ahead of a move back to the area of the 167.72 high to complete Wave (a) of Wave (v).
In the shorter term I am looking for a short term peak in Wave a of Wave â€“iii- and while Wave b remains above 162.74-163.05 we should still see progress to the 166.46 area ahead of a Wave â€“v- to the 167.72 high.
The 165.47 high was a minor Wave iii in Wave â€“c- of Wave â€“iii-. This has a 50% retracement at 164.32 and should trigger gains to the 166.46 target in Wave â€“iii-.
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