Pro Commentary Lite ... 30th January 2008 ... EURJPY

An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 157.83
[B]Resistance:[/B]158.30158.51158.85159.36[B]Support:[/B]157.40157.10156.91156.37

[B]Bias:[/B]I suspect that while 158.30-50 (max) caps we should see losses develop to 155.83
[B]Daily Bullish:[/B]The 158.50 peak was not even tested and I somehow feel we have lost the window of opportunity to see any further gains. Thus I’d only reconsider the upside should we see a break above this morning’s 158.30 high and then 158.51. Only if seen would I expect follow-through to the 159.11-36 area but would watch this carefully as this could provide a larger cap. Next resistance is then found at 160.08-40.[B]MT Bullish:[/B]I suspect we could be seeing some sideways trading. Thus a break higher will need a move above 159.11-36. Only if seen would the upside be possible to 160.40-90 at least. ([B]29th January[/B])[B]Daily Bearish:[/B]Mainly sideways trading yesterday doesn’t really inspire the upside. However, if there are to be losses (as I suspect) we really do need a quick break below 157.40 and yesterday’s 157.10 low. If seen it should cause additional losses down to 156.37 and probably 155.53-83 where a correction is possible. Below extends to 155.16 and possibly 154.62. [B]MT Bearish:[/B]The rejection just below the 159.36 highlights the risk of additional losses. Below 157.10 would open up 155.53-83 and 154.62 en route the 152.09 low once again where a correction is again possible. ([B]30th January[/B])

[B]ELLIOTT WAVE COMMENTS[/B]

[B]28th January[/B]

We have to keep in mind that Friday’s 159.11 may have satisfied the 50% retracement and this would then be bearish – below 156.18 confirms – else above a 50% retracement around 157.50-80 would suggest further gains.

[B]29th January[/B]

The recovery yesterday hasn’t seen follow-through so I suspect we could be seeing a small triangle with a base at the 76.4% retracement at 156.23 (maybe a touch below).

Keep the 159.11-36 and 155.53 levels as signals for a break out.
[B]Ian Copsey[/B]
[B]See Also[/B]

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