EUR/JPY-112.72
Recent: wave v has possibly ending at 107.30
Trend: down
New strategy:
Sell to 113.90, Target: 112.00, Stop: 114.50
Although the common currency have recovered after falling 111.72 yesterday and consolidation with initiating a mild bias would be seen for retracement to 113.55/60 (50% Fibonacci retracement of 115.42 111.72) but renewed selling interest should appear far below 114.01 (61.8% Fibonacci retracement) and get another depression later. an infringement of 111.53 (at the bottom of a leg of B) would signal a c, stage of b is weakness to 111.00 and then 110.50, would otherwise be choppy trading continue.
Our desired quantity is to decline from 139.26 is wave (c) and areas of interest in (a): 127.00, b 138.49 and wave (c) has begun with a diagonal wave 1 (in: 126.95, ii: 134.37; (iii): 120.70, (iv): 125.24 and then wave v at 119.66) Rebound from 119.66 to 127.95 was an a-b-c wave 2 and wave 3 from 127.95 with smaller wave I at 122.37 and wave II at 125.97 and smaller wave iii has ended when 110(6) 49 and wave iv ended at 122.29, wave v stopped at 107.30 as wave 3, wave 4 has stopped at 114.74 and wave 5 has stopped at 105.44.
In light of this, we look to sell euro on recovery; Above 114.50 would endanger stronger upturn and suggests a possible triangle wave (b) developments but upside should be limited to the resistance at 115.05 (last Friday's high) and the resistance at 115.42 should keep, keep another decline.
We treat rally to 169.97 as the end of wave (a) on the bigger picture, then selloff from 169.97 (July 2008) to 112.08 is wave (A) (b) the end of the whole wave (b) and then rebound to 139.26 is wave (B), wave (C) have praised with smaller wave 1 ended at 119.66 and wave 2 at 127.95. this wave (C) (b) should be limited to 105: 00 and psychological support at 100.00 should remain intact.
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