Thursday June 2, 2005 - 00:22:29 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 2nd June 2005 Price:
Resistance: 108.82 ... 109.20 ... 109.70 ... 110.10
Support....: 108.40 ... 108.10 ... 107.90 ... 107.70
While 108.40-50 holds we see progress towards 109.70 & 110.10
Upward progress seen but failure for this to extend cleanly is concerning. However, while 108.40-50 holds the emphasis remains higher towards 109.70 and possibly 110.10.
The failure for a stronger display by the Dollar is a little concerning and we are on notice of a deeper pullback should the 108.40 support break. This would cause a pullback to 108.10-14 at least with potential to 107.70-90.
Elliott Wave Comments:
31st May 2005
The lack of follow-through higher is beginning to make the wave count shown quite weak and unless we see a quick break above 108.30 it would appear to imply that this peak was possibly a Wave -a- - either in a rally or a medium term sideways consolidation. Thus to keep the wave structure shown valid we need the 108.30 peak broken quickly else break of the trend support would cause a deeper pullback to 106.54 at least and we suspect deeper.
1st June 2005
Break of 108.30 is encouraging but was not particularly emphatic. Thus to keep the bullish stance intact we need 108.10-20 to support and for a move to 109.14 initially and then 109.58 where we shall review again.
(c) FX-Strategy Inc 2005
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