Tuesday November 9, 2004 - 00:55:50 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen November 9th 2004 Price: ... 105.55
Resistance: 105.75 ... 105.90 ... 106.30 ... 106.65
Support....: 105.40 ... 105.27 ... 104.95 ... 104.60
Trade the break of yesterday's range - we still prefer higher to 106.65-85
The 105.30 area held with only minor breach but thus far we have yet to see price penetrate the first resistance at 105.75 which was tested yesterday. While the 105.27-40 area holds we have a bullish preference for break and a move back to the 106.65-85 resistance area which we feel should hold. Further resistance is found at 107.15 and 107.75.
While there has been a recovery from 105.27-30 this has yet to break above even the first resistance at 105.75. Thus while this level holds, any drop below 105.27 would cause a sharp dip down to 104.95 and after a small correction we feel the 104.50-60 area is likely to be tested. However, if seen we feel this should generate a pullback. Further support is seen at 104.40 and then 103.85.
Elliott Wave Comments:
November 8th 2004
The blip higher to 106.65 and reversal on Friday looks more like an expanded flat correction in a Wave b position. We still have the larger daily target for Wave [iii] at 105.70 but should allow some leeway each side to allow for the short term wave structure to develop. Considering this we see a potential target at 105.30-50 which could provide the Wave [iii] low. A recovery from here would signal a choppy Wave [iv] recovery to 107.75 (38.2%) and probably 108.50 (50%) before a final wave lower to 104.60. This level is implied from the daily wave equality target where Wave C = Wave A.
(c) FX-Strategy Inc 2004
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