FX-Strategy Pro Commentary

185011 Resource 119238 128654 128654 1191211039387 1191211039387 Controlled Pro Commentary Lite ... 1st October 2007 ... EURJPY

An excerpt from FX-Strategy's Pro Commentary

Price:                            164.10<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>164.27</td><td>164.48</td><td>164.74</td><td>165.20</td></tr><tr><td>Support:</td><td>163.70</td><td>163.45</td><td>163.10</td><td>162.66</td></tr></tbody></table><img alt="Hourly Chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJP60mOct1.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Mixed – waiting for breaks</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">In the end the 162.66 low provided the base for gains. These do look as if they should move through to 163.44-48 at least. However, if there are to be further direct gains then we need a break above 163.50 and if seen would appear to lend support for gains through to 164.74-79 at least. Take care as this area may cause a correction. Above 164.79 extends the upside to 165.94.  </td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">On reviewing I feel that here is an upside target around 177.00 but this is not due until January 2008. In the meantime watch resistance at 164.27 and stronger at 164.74. Next resistance is at 165.94. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">24th September)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The downside has found it difficult to develop and we need take care. Before getting bearish we should really wait for losses below 163.70 but still take any decline in steps. Next support is around 163.10-20 and below there back at the 162.66 corrective low. Next support is at 162.19.</td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">I am watching this carefully but at most now I feel a dip to 162.19 is possible. Only below here would cause deeper losses to 160.80 and 160.20. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">1st October)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJPEWOct1.gif" align="baseline" border="0" />28th September I am finding the wave structure strange and will take this step by step. However, for now I have tentatively changed the count to show that we may have completed Wave (a) of Wave (iii). If this is correct then a 50% retracement comes in at 160.12. Also take note of the 41.4% correction at 160.77. <span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Back above 163.95 would suggest we are moving higher in Wave (iii) which has a target back at the 168.93 high.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Ian Copsey 9 application/xml false commentary currencies elliott wave EUR Euro European forecasts Forex FX fx-strategy Japanese JPY resistance support technical analysis Yen FX-Strategy Pro Commentary Unique, comprehensive and insightful analysis http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; hc; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 ICopsey false true false false true 119238 blog blogsite/GFTForex/web