Tuesday December 28, 2004 - 01:01:06 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen December 28th 2004 Price:
Resistance: 103.23 ... 103.45 ... 103.77 ... 104.09
Support....: 102.70 ... 102.54 ... 102.26 ... 102.03
Look for 103.23-28 to hold and generate losses to 101.94-102.03 before recovering
We feel that a bullish stance needs to be put aside initially until we see a move down to the 101.94-102.03 area. This would suggest a buying opportunity at 102.20 with a stop below 101.82. From this level or a direct breach of 103.45-50 we look for a gains to reach the 104.09 area once again.
Loss of 103.42 has caused a dip to 102.70 and we feel there should be further to go today. While 103.23-28 holds we expect to see losses extend to the 101.94-102.14 area but would look for this to form a base today. Thus only below 101.94 and 101.82 would allow losses to extend further to 101.13 at least.
Elliott Wave Comments:
December 28th 2004
With the loss of 103.42 we have to accept that the correction to 106.19 probably completed the entire Wave [iv] and thus the risk is on the downside. Although there is the possibility still of the 102.15-30 area holding to cause a larger triangle structure we are more in favor of a Wave v declining to the 101.96-102.03 area to complete Wave [a] of Wave [v]. Wave [b] will most probably stall around the 104.09 corrective high - at the maximum 104.44-85. With the major weekly target at 99.75 we continue to focus on this target.
(c) FX-Strategy Inc 2004
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