Limbo...Uncertainty...
EUR/JPY's recovery was limited at 130.89 and weakens today. Such recovery might have completed and intraday bias is flipped back to the downside for 127.08 first. Break will confirm fall resumption to next key support level of 124.35 (161.8% projection of 139.21 to 131.41 from 136.87 at 124.25) next. On the upside, while another rise cannot be ruled out, upside is still expected to be limited by 131.70 resistance and bring fall resumption.
See pictures....

As discussed before, recovery from 132.17 might have completed at 136.07 already. Break of
132.90 minor support will flip intraday bias of EUR/JPY back to the downside. Break there will
confirm resumption of whole decline from 138.70 to 127.08 key support next. On the other hand,
while another rise cannot be ruled out, we'd expect upside to be limited below 137.83
resistance and bring fall resumption.[actionforex]

P&F EURJPY1440 Box Size200X3 or(4.25%) HI/LO
Data 169.96 - 112.1 ~ 69 Month ~ 2106 Day
2003-11-21 00~00
2009-08-27 00~00
BJF Trading Group

170.00|~200||_____________________________________ _____|-0.02%|51.65%
168.00|~400||________XO______XO___________________ _____|1.15%|49.87%
166.00|~600||________XOX_X___XO___________________ _____|2.33%|48.08%
164.00|~800||________XOXOXO__XO___________________ _____|3.51%|46.3%
162.00|~1000|________XOXOXO__XO___________________ _____|4.68%|44.51%
160.00|~1200|________XOXO_OX_XO___________________ _____|5.86%|42.73%
158.00|~1400|______X_XOX__OXOXO___________________ _____|7.04%|40.95%
156.00|~1600|______XOXOX__OXOXOX__________________ _____|8.21%|39.16%
154.00|~1800|______XOXOX__O_OXOXO_________________ _____|9.39%|37.38%
152.00|~2000|______XO_OX____O_OXO_________________ _____|10.57%|35.59%
150.00|~2200|______X__O_______OXO_________________ _____|11.74%|33.81%
148.00|~2400|______X__________O_O_________________ _____|12.92%|32.02%
146.00|~2600|______X____________O_________________ _____|14.1%|30.24%
144.00|~2800|______X____________O_________________ _____|15.27%|28.46%
142.00|~3000|______X____________O_________________ _____|16.45%|26.67%
140.00|~3200|__X_X_X____________OX________________ _____|17.63%|24.89%
138.00|~3400|X_XOXOX____________OXO_______________ _X_X_|18.8%|23.1%
136.00|~3600|XOXOXOX____________OXO____________X__ _XOX_|19.98%|21.32%
134.00|~3800|XOXO_OX____________O_O__________X_XOX _XOX_|21.16%|19.54%
132.00|~4000|XOX__O_______________O__________XOXOX OXOX_|22.33%|17.75%
130.00|~4200|XOX__________________OX_X_____X_XOXOX OXOX_|23.51%|15.97%
128.00|~4400|_OX__________________OXOXO____XOXO_OX O_O__|24.69%|14.18%
126.00|~4600|_O___________________OXOXOX_X_XOX__O_ _____|25.86%|12.4%
124.00|~4800|_____________________OXO_OXOXOXOX____ _____|27.04%|10.62%
122.00|~5000|_____________________OX__OXOXOXOX____ _____|28.22%|8.83%
120.00|~5200|_____________________OX__OXOXOXOX____ _____|29.4%|7.05%
118.00|~5400|_____________________OX__O_O_OXOX____ _____|30.57%|5.26%
116.00|~5600|_____________________OX______O_OX____ _____|31.75%|3.48%
114.00|~5800|_____________________O_________O_____ _____|32.93%|1.69%
112.00|~6000|_____________________________________ _____|34.1%|-0.09%
Column|||||||5673341381833634814131833644457813454 3555_|
Count||||||||______3__O_______1_1_3__________O____ _____|



PDF

EUR/JPY's strong recovery from 131.56 indicates that an intraday low is in place and some sideway trading might be seen. NEvertheless, upside is expected to be limited below 135.97 resistance and bring fall resumption. Below 132.74 minor support will flip intraday bias back to the downside first. Further break of 131.56 will target 100% projection of 138.47 to 132.79 from 135.97 at 130.29 next. However, break of 135.97 will indicate that whole decline from 138.47 has completed and will turn focus back to this high.

In the bigger picture, note that there is no confirmation that corrective rebound from 112.10 has completed yet as long as 124.35 support holds. Price actions from 137.38 might still turn out to be consolidations to rise from 112.10 only and break above 139.21 would bring another medium term rise before concluding the rise from 112.10. However, note that break of 129.02 will be the first indication that rise from 112.10 has completed and further break of 124.35 will confirm. in Such case, the whole long term down trend from 169.96 could possibly be resuming and retest of 112.10 should be seen next.[actionforex]



Excel_EURJPY_091103.xls

Although the single currency rebounded strongly from 126.95 to 134.54, the sharp retreat from there to 128.78 suggests further choppy consolidation would take place and as long as 128.78 holds, mild upside bias is seen for another bounce to 132.34 (61.8% Fibonacci retracement of 134.54 to 128.78) but break of 134.54 resistance is needed to add credence to our recent preferred count that the wave 2 from 139.26 was a triple threes. This abc-x-abc-x-abc is labeled as: first set of a-b-c ended at 127.00, then x wave at 138.72, followed by second set of a-b-c at 129.02, then another x wave at 138.49 with the third set of a-b-c marked as: a-131.01, b-135.75 and the c leg as well as entire wave 2 ended at 126.95.
Our preferred count remains that the upmove from 112.08 is wave 1 of C has ended at 139.26 with minor wave iii ended at 137.42, followed by triangle wave iv at 126.98, then the move from there to 127.00 is wave 2 with the latest break-down indicated above and consolidation with upside bias remains for another test of 134.54 and possibly to 135.00. Looking ahead, only breach of 135.76-136.00 resistance area would add credence to this count and signal wave 2 has indeed ended at 126.95, then headway to 137.00 and later test of resistance at 138.49 would follow.[actionforex]

"P&F EURJPY240 Box Size 160X4 or(4.68%) HI/LO
Data 161.65 - 112.072 ~ 16 Month ~ 470.33 Day
Database 2000 records 130.378 (Last Close)
2008-08-28 12~00
2009-12-11 20~00 (GMT+01:00) Paris
BJF Trading Group chart"

161.60|~16O||____________________________|0.03%|44 .19%
160.00|~32O||o___________________________|1.02%|42 .77%
158.40|~48O||o___________________________|2.01%|41 .34%
156.80|~64O||oX__________________________|3%|39.91 %
155.20|~8OO||oXo_________________________|3.99%|38 .48%
153.60|~96O||oXo_________________________|4.98%|37 .05%
152.00|~112O|oXo_________________________|5.97%|35 .63%
150.40|~128O|oXo_________________________|6.96%|34 .2%
148.80|~144O|oXo_________________________|7.95%|32 .77%
147.20|~16OO|o_o_________________________|8.94%|31 .34%
145.60|~176O|__o_________________________|9.93%|29 .92%
144.00|~192O|__o_________________________|10.92%|2 8.49%
142.40|~2O8O|__o_________________________|11.91%|2 7.06%
140.80|~224O|__oX________________________|12.9%|25 .63%
139.20|~24OO|==oXo================X======|13.89%|2 4.21%
137.60|~256O|__oXo________________XoX_X__|14.88%|2 2.78%
136.00|~272O|__oXo____________X___XoXoXo_|15.87%|2 1.35%
134.40|~288O|__oXo__________X_XoX_XoXoXoX|16.86%|1 9.92%
132.80|~3O4O|__o_o__________XoXoXoXoXoXoX|17.85%|1 8.5%
131.20|~32OO|____o__________XoXoXoXoXoXoX|18.84%|1 7.07%
129.60|~336O|____oX_X_____X_XoXoXoXoXo_oX|19.83%|1 5.64%
128.00|~352O|====oXoXo====XoXoXoXo=o===o=|20.82%|1 4.21%
126.40|~368O|____oXoXo____XoXo_oX________|21.81%|1 2.78%
124.80|~384O|____oXoXoX_X_XoX__o_________|22.8%|11 .36%
123.20|~4OOO|____oXo_oXoXoXoX____________|23.79%|9 .93%
121.60|~416O|____oX__oXoXoXoX____________|24.78%|8 .5%
120.00|~432O|____oX__oXoXoXoX____________|25.77%|7 .07%
118.40|~448O|____oX__o_oXoXoX____________|26.76%|5 .65%
116.80|~464O|____oX____o_o_oX____________|27.75%|4 .22%
115.20|~48OO|____o_________oX____________|28.73%|2 .79%
113.60|~496O|______________o_____________|29.72%|1 .36%
112.00|~512O|____________________________|30.71%|-0.06%
Column|~528O|9615194474555811567647765564|
Count|~544O||__5_6_________O3____________|




BJF-Trading-Group-EURJPY_4h30min_91211.xls