Pro Commentary

204026 Resource 119238 128654 128654 1210741253846 1210741253846 Controlled Pro Commentary Lite ... 14th May 2008 ... USDJPY

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Price:                            104.68<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>104.90</td><td>105.27</td><td>105.68</td><td>106.06</td></tr><tr><td>Support:</td><td>104.45</td><td>104.28</td><td>104.00</td><td>103.65</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/JPY60mMay14.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>105.27 is likely to cap but while 104.40-50 supports we should see additional gains to 105.68</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>Gains have developed in line with expectations but haven’t quite met the 105.27 first target, stalling just below the 104.95 level. I still feel we should see this progress to 105.27 but this should cause a pullback. While this remains above 104.40-50 we should then see the next leg higher to around the 105.68 peak but look for a slightly larger correction from there. Only a direct break above would take price more directly towards the eventual 106.82 target. </td></tr><tr><td>MT Bullish:</td><td>12th May: Losses have moved down to 102.56 around where there is quite a strong pivot support area. I suspect this may well provide the basis for a final move to 105.57-68 and followed by 106.82 before a larger reversal.  </td></tr><tr><td>Daily Bearish:</td><td>The upside is progressing well and until otherwise proven we should treat any declines as corrective only. Indeed, the 105.27 level should provide such a pullback but any losses from here shouldn’t move below the 104.40-50 area – at most the larger pivot support at 104.00. Only consider the possibility of stronger losses on a break of this pivot support. If seen then next support will be around 103.25-35 followed by 102.18-56. </td></tr><tr><td>MT Bearish:</td><td>7th May: I have to remain cautious here as I still feel the 106.82 target is achievable. We seem to be seeing a deeper correction with supports at 102.84 and maximum 102.18. Only below 102.00 would signal direct losses.</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/JPYEWMay14.gif" align="baseline" border="0" />14th May The recovery from 102.56 is encouraging with a minor Wave iii target at 105.27. While any Wave iv remains above 104.40-50 we should see Wave v develop towards the 105.68 high to complete Wave –a-. Clearly this should be followed by a Wave –b- and finally a Wave –c- towards the 50% retracement in daily Wave (iv) at 106.82. This would complete a triple three and should ideally be accompanied by a bearish divergence in the daily chart as well and in shorter time frame chart also.Ian Copsey 9 application/xml false commentary currencies Dollar elliott wave forecasts Forex FX Japanese JPY resistance support technical analysis US USD 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; 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