Thursday March 17, 2005 - 01:25:26 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 17th March 2005 Price:
Resistance: 104.36 ... 104.67 ... 105.00 ... 105.36
Support....: 103.98 ... 103.72 ... 103.50 ... 103.01
Slightly mixed - waiting for breaks
The decline has been deep and frustrated our bullish preference. Stubbornly we still feel that a bullish stance is preferred but it would now be best to wait for confirmation. This would mean that 103.72-00 should remain intact and price will then need to move above 104.36 to 104.67 which should cause a pullback. Once the 104.67 area is breached look for gains to reach 105.00 and 105.36 at least. Further resistance is at 106.00.
With losses continuing we need to assess the impact of any loss of 103.72-00. While 104.36 & 104.67 holds, technically there is still risk of a move below 103.64. If seen there is support at 103.50 and then not until the 102.90-00 area.
Elliott Wave Comments:
16th March 2005
The move higher is developing comfortably although the structure remains unclear. However, we are cautiously labeling the 105.17 high as Wave (i) and this could mean that yesterday's correction to 104.14 may have completed Wave (ii) but we cannot rule out a more complex correction before the upside comes under threat. Any move above 104.65 would look to send price up to 105.00 and after a correction we feel this should reach the 105.36 area to complete Wave (a) of Wave (iii). Then look for a correction before further gains to the 138.2% Wave (iii) target at 106.25.
17th March 2005
The pullback has been very deep and must cause some concern. However, we would prefer to label yesterday's low as Wave (ii) but we will need a move back above 104.67 to trigger gains in Wave (iii) which we would then expect to reach the 106.00-36 area.
To cover the alternative, a break below 103.64 would confuse the wave structure and our tentative view would then be for a move to 103.50 at least and probably further to the 102.90-00 area.
(c) FX-Strategy Inc 2005
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."