Pro Commentary Lite ... 26th June 2007 ... USDJPY

[B]An excerpt from FX-Strategy’s Pro Commentary[/B]

[B]Price:[/B] 123.41

[B]Bias:[/B]Care – waiting for breaks – I prefer higher but would respect a drop through 123.09-30
[B]Daily Bullish:[/B]The drop below 123.40 concerns although this has stalled at 123.30. If we are to see a final move higher to 124.28 (max 124.60-80) then we need a move back above the 123.70-80 pivot area. Once through the odds favor a test of 124.28. Take care here. Only above extends to 124.60-82 but should cap. [B]MT Bullish:[/B]We continue to edge higher towards the 124.28 target but without the comfort of a bearish divergence. Any move above would extend to 124.60-82 – watch this also but above that would see 125.79 attract. ([B]June 22nd[/B])[B]Daily Bearish:[/B]Losses have reached 123.30 but until 123.09 breaks the short term picture remains bullish. Thus watch the 123.09-30 area closely. Breach would signal losses to 122.78 at least but I think it may just have the power to move through 122.46 also and to the 122.07 level which should allow a pullback ahead of a dip to the 121.48 corrective low. [B]MT Bearish:[/B]We need to hold off from any bearish stance until there is greater proof of reversal. Below the 121.48 corrective low would be a good signal while below the 120.76 daily low would break the uptrend. ([B]June 18th[/B])


[B]25th June[/B]

Price is edging higher though a small divergence in projections is developing with the 124.28 area implied by some long and short term targets while the Wave v of Wave –c- has 66.7%-76.4% projection in Wave v lies at 124.60-82.

While a 61.8% retracement of the 123.09-124.13 move supports in a possible Wave b of Wave v we can still see higher. Once we get to 124.28 take care as reversal can occur at any time with the maximum expected at this point to be the 124.60-82 area.

[B]26th June[/B]
The correction has been deep and if we see loss of the 123.09 Wave iv low then the risk is for a move down to the 121.48 Wave b low. Until breach the risk still remains higher to the 124.28 target at least.
[B]Ian Copsey[/B]
[B]See Also[/B]

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