Tuesday December 14, 2004 - 01:30:39 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen December 14th 2004 Price: ... 104.73
Resistance: 105.11 ... 105.59 ... 106.19 ... 106.76
Support....: 104.45 ... 104.22 ... 103.75 ... 103.40
Mixed - but while 104.22-43 holds we look for further gains towards 106.76
Losses extended below 104.73 but not that convincingly and the clear break lower is not confirmed until 104.20-22 with 104.45 also providing support. To be cautious on the upside we require a break above 105.11 to allow the correction higher to resume and if seen would cause a move trhough to the 106.07-19 area ahead of a move to the 106.76 target. However, with the slowness of price development at present we may have to wait until tomorrow before reaching target.
No break of 104.22 yet and this is required to confirm further losses. For the downside to remain intact we should see 105.11 hold and then see a break of the important 104.22-45 area. If seen expect losses to extend towards the 103.40-50 Fibonacci & pivot support at least. Further support is found at 102.60.
Elliott Wave Comments:
December 13th 2004
We continue to focus on a 50% retracement of the decline from 111.71 (Wave -ii- peak) to the 101.82 low (Wave -iii- low) which rests at 106.76. The rally from 101.82 appears to be developing in a Double Zig-zag which we feel should remain above 104.95 and reach 106.76 possibly Monday. Expect this to cap the Dollar to complete Wave -iv- and suggest the start of a three wave move lower to somewhere between 101.18 and 98.63 with the perfect target highlighted at 99.75.
(c) FX-Strategy Inc 2004
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