Pro Commentary

205754 Resource 119238 128654 128654 1212469389765 1212469389765 Controlled Pro Commentary Lite ... 3rd June 2008 ... EURJPY

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Price:                            162.44<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>162.60</td><td>162.88</td><td>163.20</td><td>163.54</td></tr><tr><td>Support:</td><td>162.06</td><td>161.82</td><td>161.57</td><td>161.13</td></tr></tbody></table><img alt="Hourly chart wiht indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJP60mJune3.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 162.88-13 caps the downside still appears to be the more vulnerable side</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>Loss of 163.30-40 provided the signals for losses that reached the 162.13 target and minor breach to 162.06. This is producing a correction and I feel this has legs to 162.88 but take care there as in a more bearish structure this should cap. Breach would extend the move to 163.13-29 and if seen would tend to suggest that we have merely seen a correction lower. As such we could then see gains back above the 163.50-54 pivot resistance and to 163.89 before the 164.20-46 highs. </td></tr><tr><td>MT Bullish:</td><td>3rd June: Yesterday’s losses place doubt upon any further upside but I’d be forced to consider this on a break above the 163.13-29 area. If seen then look for a swift retest of 164.20-46 and above to the 164.96 high. </td></tr><tr><td>Daily Bearish:</td><td>Losses came as preferred, stalling at 162.06 and while the 162.88-13 area caps there is still argument for additional losses. A move down from this resistance that breaks below 162.06 would provoke further strong losses to 161.57 minimum and probably the 161.13-25 area which should cause a correction higher. </td></tr><tr><td>MT Bearish:</td><td>30th May: The picture is as clouded as before and only below the 163.29-41 lows would raise the chance of follow-through below 162.56 and 162.15 en route 161.25. </td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EJPEWJune3.gif" align="baseline" border="0" />2nd June The wave structure remained very messy but the low at 163.07 was a 38.2% expansion of the recovery from 163.29 to 164.21 and the recovery back to this high argues for an expanded flat which means we should now see losses. A break below 163.07 would confirm and suggest a minimum Wave iii target at 162.57 (138.2%) and more likely 162.13 (176.4%.) Take care here as this could cause a pullback else we may well be talking about a 261.8% projection to the 161.13-25 area. Only above 164.46 would imply a retest of the 164.96-00 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; 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