Pro Commentary

201713 Resource 119238 128654 128654 1208145867072 1208145867072 Controlled Pro Commentary Lite ... 14th April 2008 ... EURJPY

An excerpt from Pro Commentary

Price:                             158.92<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>159.34</td><td>159.60</td><td>159.87</td><td>160.14</td></tr><tr><td>Support:</td><td>158.42</td><td>158.00</td><td>157.55</td><td>157.30</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJP60mApr14.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>I suspect a pullback to 160.14 (max 160.50) before lower again</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; COLOR: black; 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">Friday saw gains stall between the 161.15 and 161.70 resistance points to generate a stronger decline. I suspect the first part of the decline is complete at 158.42-58 and this should generate a correction higher above 159.34. There could be a little playing around in the 159.60 area but this should eventually break for 159.87 and 160.14 at least. Take care as I feel this will cap. There is also resistance at 160.50 and only above here risks a stronger rally to 160.96 and 161.34 again.</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 161.39-60 target has been achieved. While there is minor risk of extension to 162.35-43 this should hold. Only above maintains the bullish momentum for 163.13 and probably 163.93-03. (<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">8th April)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; COLOR: black; 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 were quite strong from the 161.34 high seen on Friday but I feel they may have met initial support at 158.42-58 which should cause a pullback to 159.87-160.14 at least – max 160.50. From this resistance I suspect additional losses back to 158.42-58 initially which should still hold for a smaller correction. Next support is then found at 157.-30-38 followed by 156.61.</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">We still appear to be seeing a more bearish structure emerge and this will require the 160.14-50 area to cap to generate stronger losses below 158.42 for 156.61-83 and I suspect much further to 154-155. (<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">14th April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJPEWApr14.gif" align="baseline" border="0" />10th AprilThe reaction lower has still been limited but encouraging for the view of a flat Wave (ii) having been seen. 159.45-50 marks the last minor Wave b of Wave v and this should cause a pullback before losses should then target the 157-158 congestion area. 14th April<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 move down to 158.58 appears to be a wave equality move in Wave c of Wave –i- and thus while Wave –ii- stalls around the 50%-61.8% retracement at 160.14-50 we should see the next leg lower in Wave –iii- that is likely to stall around the 154-155 area. <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 Japanese JPY resistance support technical analysis Yen Pro Commentary Comprehensive analysis to guide you through the trading day 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