Saturday November 27, 2004 - 23:33:52 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 29th November 2004 Price: ... 102.55
Resistance: 102.75 ... 103.03 ... 103.44 ... 103.70
Support....: 102.43 ... 102.27 ... 102.00 ... 101.60
Slightly mixed but prefer price remaining below 103.10 and for losses to 100.84
A rather whippy day on Friday with loss of 102.30 which does provide a more bearish view. However, we feel there may be room for early trading to drift higher towards 102.90-103.10 but would expect this area to cap. Thus only above this area would cause the correction to follow-through higher towards 103.44 and probably back to 103.70. Further resistance is found at 104.20-40.
We feel the main emphasis is still lower. This would allow 102.90-103.10 to cap any pullback any for losses to decline below 102.16 and onto 101.60 at least. This may cause a correction but we look for losses to eventually reach 100.84 at least, though this target may not be reached until tomorrow. Further support is found at 100.17 and 99.75.
Elliott Wave Comments:
November 29th 2004
The downside in Wave [c] continues and has an ideal target (wave equality) at 100.84. We also have a daily target for Wave [iii] at 102.00 and a larger Wave C implied target (Wave A x 138.2%) at 101.60. However, we tend to see the next Wave C target (Wave A x 161.8%) at 99.75 as a probable target but only after a correction. Within this decline we have a 61.8% Wave (v) target at 100.84 also which is close to a Wave c target within Wave (v). Thus we prefer the lower target at 100.84 as the stopping point for this decline.
(c) FX-Strategy Inc 2004
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