FX-Strategy Pro Commentary

186049 Resource 119238 128654 128654 1192073589109 1192073589109 Controlled Pro Commentary Lite ... 11th October 2007 ... EURJPY

An excerpt from FX-Strategy's Pro Commentary

Price:                            165.83<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>166.00</td><td>166.24</td><td>166.39</td><td>166.63</td></tr><tr><td>Support:</td><td>165.365</td><td>165.15</td><td>164.65</td><td>164.31</td></tr></tbody></table><img alt="Hourly Chart with Indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJP60mOct11.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-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Well, gains were seen that reached 164.24 but these didn’t really impress. I also see resistance at 164.39 and its only above here that would see follow-through higher to 166.93 at least. Take care here as this could cause a pullback. Breach would extend the upside more aggressively towards 167.52 and 168.02. </td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The structure is still not clear but I still have bullish cycles into the end of the year and thus respect any breaks above 166.39 and 166.93 which should see follow-through to 168.02 min and max 168.95. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">11th October)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Losses stalled at 165.35 to confuse the wave structure. Watch the 166.39 resistance. While this holds there is still chance of losses developing though these would then probably not get very much below 165.35. Any loss of this support and 165.15 would see follow-through to 164.65 – this may cause a pullback – and more likely down to 164.31 and 163.89.</td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">I am beginning to get more bullish. Thus only a break back below 163.40-45 would imply deeper losses back to 162.66 and possibly all the way down to 160.68-00.  (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">4th October)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJPEWOct11.gif" align="baseline" border="0" />11th OctoberThe entire wave structure is clouded though I have a minimum overall target at 168.95 where (alternative) Wave (iii) will have extended by 138.2% and is of course the high for this year. I suspect this will hold once seen. <span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">In the short term I am really mixed although there seems room for only shallow pullbacks now to keep the momentum intact for the ideal 168.95 target.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; 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 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