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The Daily Forecaster

WEEKLY OUTLOOK FOR USDJPY

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FX-Forecaster.com
, 06-19-2012 at 03:19 AM (315 Views)
[B]DAILY STRUCTURE[/B]

[IMG]http://i1079.photobucket.com/albums/w514/HarmonicElliottWave/FXS1-3.jpg[/IMG]

[B]19th June[/B]:

So far the 77.66 low has held and therefore there is a possibility for the underlying uptrend to resume directly. However, it's very much an unknown until we see breaks of key resistance around 80.14-55. Until then it's quite possible for Wave -ii- to dip a bit lower before rallying. Indeed, I can't even rule out a deeper Wave (II)...

So this will need a little TLC until price has made a demonstrated break and displays its intention to rally... If it does do this directly then the Wave (A) should reach back to 84.17 and potentially just above.

[B]INTRADAY STRUCTURE[/B]

[IMG]http://i1079.photobucket.com/albums/w514/HarmonicElliottWave/FXS2-3.jpg[/IMG]

[B]19th June[/B]:

We haven't really gotten very far and certainly without a break above 80.14 & 80.55 we have to accept the risk of possible deeper losses in Wave -ii-. Note the deeper 76.4% retracement in Wave -ii- at 78.16.

What will really help is a break above 79.79 followed by the swing highs at 80.14 & 80.55. Once seen we can begin to plan with more confidence where Wave -iii- may stall. Overall however, this Wave (A) should reach back to the 84.17 high and possibly just a bit above...

For more information regarding the projection and retracement ratios please see the attached PDF file.

Good trading
Ian Copsey

[B][URL="http://harmonicelliottwave.blogspot.jp/"]HARMONIC ELLIOTT WAVE BLOG[/URL][/B]
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