FX-Strategy Pro Commentary

196619 Resource 119238 128654 128654 1202355725515 1202355725515 Controlled Pro Commentary Lite ... 7th February 2008 ... EURJPY

An excerpt from FX-Strategy's Pro Commentary

Price:                        155.34<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>155.75</td><td>156.11</td><td>156.52</td><td>156.99</td></tr><tr><td>Support:</td><td>154.94</td><td>154.55</td><td>154.17</td><td>153.82</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJP60mFeb7.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Care – there are two possibilities here but overall I still remain bearish</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">Losses developed as expected but stalled just above the 154.94 target and caused a firm pullback. While the 154.94-155.13 area remains intact I still can’t rule out a second corrective move higher though I have my doubts. Thus for this second correction wait for a break back above 155.70-75. If seen it should provide some upside gains towards 156.11 and 156.52 en route a maximum 156.99 resistance. </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 downside still looks the more likely direction. Only now back above 156.99-157.31 would provide relief for gains back to 157.43-80 and 158.44-60. (<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">7th February)</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">While the levels haven’t been totally accurate the downside has developed and I still feel there are further losses to be seen. Until the 154.94-13 area breaks I still can’t rule out a deeper pullback to around 156.99. While this holds – or we see a direct break below 154.94 (which I tend to favor) the downside can extend further to 153.82-89 which I think will hold. Next support is at 153.04. </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">The rejection just below the 159.36 highlights the risk of additional losses. Below 157.10 would open up 155.53-83 and 154.62 en route the 152.09 low once again where a correction is again possible.  (<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">30th January)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJPEWFeb7.gif" align="baseline" border="0" />6th FebruaryThe break lower could mean that we’re seeing Wave (a) of Wave (v) and this would imply a decline to the 223.6% projection in Wave iii to 153.82-89. Expect then a Wave iv to be followed by Wave v to retest the 152.09 low area. Indeed, the 153.82-89 area also represents the 76.4% retracement and the only risk to additional losses is the development of a sideways triangle with a base normally expected at a 76.4% retracement. <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">Only a move up from today’s low at 155.70 would retest and probably break above the 159.46 high… <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 Powerful analysis for profitable trading 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; MS-RTC LM 8) 127.0.0.1 127.0.0.1 ICopsey 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web