Pro Commentary

202508 Resource 119238 128654 128654 1209532245874 1209532245874 Controlled Pro Commentary Lite ... 30th April 2008 ... EURJPY

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Price:                            161.95<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>162.15</td><td>162.48</td><td>162.80</td><td>163.11</td></tr><tr><td>Support:</td><td>161.61</td><td>161.41</td><td>161.10</td><td>160.80</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJP60mApr30.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 162.48 caps I look for losses to 160.30-40 before a modest recovery</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>Losses seen as expected and while 162.48 caps I envisage more today. Thus only a clean break above 162.48 would provide relief for the 162.76-80 pivot resistance which should also cause a correction. Breach extends gains to 163.11 and possibly 163.48. However, by the time we get up here I feel we should be careful about expecting too much more. Additional resistance is found at 164.04.</td></tr><tr><td>MT Bullish:</td><td>It looks like a peak has been seen and only a break back above 164.96 would imply a move to 165.49-87 but then we need be careful there also. Next resistance is at 166.54-78. (24th April)</td></tr><tr><td>Daily Bearish:</td><td>I am encouraged with yesterday’s losses though these didn’t quite reach as low as I’d hoped but I feel that while the 162.48 area caps there is still downside potential. Back below 161.60 would encourage back to yesterday’s 161.10 low with extension expected to reach the 160.22-40 area where I anticipate a slightly larger correction. Next support is found way down at 159.25.</td></tr><tr><td>MT Bearish:</td><td>It looks more likely that we shall see losses with a break below 162.30-40 triggering stronger follow-through to 161.40, 161.01 and more likely 160.22-40 en route 159.25 at least. (29th April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJPEWApr30.gif" align="baseline" border="0" />25th April The decline yesterday moved to the 161.8% projection in minor Wave c to 162.90. This should be counted as Wave i. We now need to establish the end of Wave ii with 163.80-95 being a key pivot resistance that should hold. In the short term we should be wary of a complex Wave ii in a flat or expanded flat. This latter pattern would imply a move down to the 38.2% expansion at 162.56 and then back to the 163.80-95 area. Direct loss of 162.56 would imply a 176.4% projection in Wave ii to 160.22 at least. 30th April I feel that we have seen Wave a of Wave –iii- and thus while 162.48 caps we should see extension to the 160.22-40 area.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 Powerful analysis for profitable trading http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 ICopsey 122.21.255.181 false true false false true 119238 blog blogsite/GFTForex/web