Pro Commentary Lite ... 6th July 2007 ... USDJPY

[GFTforex]

An excerpt from FX-Strategy's Pro Commentary


Price: 122.91
Resistance:123.08123.41123.71124.08Support:122.80122.57122.26121.64

Bias:While 122.57 supports we should see progress above 123.08 and through 123.71 for 124.08-13
Daily Bullish:Break of 123.81 has been seen and while progress higher has not been direct I still feel the risk has turned higher and while the 122.57 support holds I will look for a break above 123.08 to extend gains through resistance at 123.41, 123.71 and to the 124.08-13 area which should cause a pullback. Next resistance is at 124.39. MT Bullish:I am beginning to get more short-term bullish for a move to the 124.86 target and at most 125.10-60. However, a larger correction lower is due. (June 29th)Daily Bearish:The break above 122.81 appears to lessen the downside risk. For this to re-emerge we shall require a break back below 122.57 and then also 122.26-32. If this is seen then look for stronger losses to 121.64 at least and probably further to 120.71-96.MT Bearish:I am not giving up the 124.86 target just yet and we still haven’t seen breach of the last major low at 120.76 yet. There is support initially at 121.64 and then 120.91. Only below would imply losses to 117.20-60 again (July 3rd)

ELLIOTT WAVE COMMENTS


6th July



The pullback has been deep enough to suggest we have seen Wave c stall at the 122.08 pivot support and as such this completes Wave –b- and we should now see Wave –c- proceed higher.



I feel that we have already seen Wave i and Wave ii and whihle we need be careful at the 123.55 Wave b high I suspect Wave a of Wave iii will rally back to the 124.08-13 area.


This should be followed by Wave b and then Wave c to the 261.8% projection in Wave iii at 124.39. Then note the expanded flat target at 124.86 while a Wave equality target in Wave –c- rests at 125.54.
Ian Copsey
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