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The Daily Forecaster: EURJPY |
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Daily Forex Technicals |
Written by FX-Forecaster |
Sep 29 08 04:12 GMT |
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The Daily Forecaster: EURJPY
Price: 154.41
Bias: I still feel that while 153.24-45 supports that we'll see a recovery above 155.06-21 for 156.82 again
Daily Bullish
Friday did see the expected losses which remained above the key 153.24 support. I can't say I'm 100% satisfied by the rally from there but while 153.86-17 continues to provide supprot I feel there is still room for direct gains back above the 155.21 high seen following the 153.45 low. Once this break is seen it will imply follow-through towards 156.02 at least and I suspect all the way back to around the 156.82 high once again.
Medium Term Bullish
25th September: The 156.82 peak has held and the correction has been even shallower than expected. A break above 156.82 would extend to 157.73 at least and a minimum projection would imply a target around 160.50… However, keep in mind the 157.74 corrective peak also.
Daily Bearish
Friday's losses stalled a little way above the 153.24 support and this 153.24-45 area remains the support to break to generate a stronger correction lower. If seen then look for losses to move through to 152.47 and probably the 151.90-152.15 area. At the very least I would expect a correction from there. Only below implies a move all the way to 150.75-00.
Medium Term Bearish
23rd September: Only loss of 153.24 now would cause a deeper correction but not to new lows I suspect |
| Resistance |
| 157.74 |
| 156.82 |
| 156.02-32 |
| 155.60 |
| 155.06 |
| 154.76 |
| Support |
| 154.17 |
| 153.86 |
| 153.24-45 |
| 152.95 |
| 152.47 |
| 151.90-15 |
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| 4-Hour Momentum |
Trailing Stop
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Bearish consolidation
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| RSI |
Neutral |
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| Long Term Cycles and Momentum |
| Monthly cycles appear to have found a major high at 169.95 and should set the scene for some long term losses. However, the decline has been aggressive and should be close to finding a medium low for a correction higher. |
| Cycles and Momentum |
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Cycles |
Momentum |
| Daily |
Higher |
Neutral |
| Weekly |
Lower |
Oversold |
| Monthly |
Lower |
Oversold |
ELLIOTT WAVE COMMENTS
26th September:
The break above 156.14 only saw a peak at 154.32 and this now represents the break for a move back to retest 156.82 in Wave a of Wave v. We should then see a correction in Wave b before Wave c take price towards a minimum 61.8% projection in Wave v which lies at 160.50…
Any move back below the 154.86 corrective low and then 154.44 will bring back potential for a drop to the 23.6% retracement lies at 153.70 (and pivot support) - thus take care here - and only below extends the correction to the 38.2% retracement at 153.24.
29th September:
Losses stalled just above the 38.2% retracement in Wave iv and thus I feel the 153.45 low was Wave iv and this should imply a move back higher in Wave a of Wave v to the area around the 156.82 high initially. Eventually we can derive targets in Wave v at 159.51 (61.8%) and 159.93 (66.7%).
Ian Copsey
FX-Forecaster
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The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
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