Tuesday March 29, 2005 - 01:32:11 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 29th March 2005 Price:
Resistance: 107.57 ... 107.88 ... 108.06 ... 108.25
Support....: 107.10 ... 106.90 ... 106.60 ... 106.25
We look for a test first of 107.57 and later at 107.88 before lower
Against expectations we saw the uptrend continue which has caused us to review the wave structure and now look for this move to continue to 107.57 where we expect a small pullback. This would normally imply a correction as deep as 107.23 but we suspect this will be more shallow and complete around 107.30-40 from where we then look for a rally to the 107.88-89 target. This should cap and cause a larger pullback. Further resistance is found at 108.06 and 108.48.
With the resumption of the uptrend we feel a little patience should be exercised before establishing a short position for a pullback. Our target for today is at 107.88 and this area should provide a good selling opportunity with tight stops above 108.06. From this level we will look for losses back towards 107.30 and then 107.04 with a tentative target at 106.66-70.
Elliott Wave Comments:
29th March 2005
The break of 106.57 yesterday now brings the more bullish structure into play with the 105.53 high labeled as Wave [i] and Wave [ii] at 104.82. The move to 106.57 is then regarded as Wave [a] of Wave [iii] and from these we can begin to generate targets for the end of this Wave [iii]. If we take Wave [c] as being 138.2% of Wave [a] it implies a target of 107.88 which matches a 161.8% projection in Wave [iii]. Any acceleration above 107.88 would suggest an extended Wave [c] with a 261.8% target for Wave [iii] at 109.76.
(c) FX-Strategy Inc 2005
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