Tuesday June 14, 2005 - 01:25:46 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 14th June 2005 Price:
Resistance: 109.67 ... 110.04 ... 110.35 ... 110.72
Support....: 109.34 ... 109.14 ... 108.82 ... 108.42
Cautiously, while 109.34 holds we feel there is room for gains to 110.04 minimum & possibly 110.70-75
Gains moved slightly higher than the 109.47 resistance and we feel there should be further gains today. While 109.34-40 supports the emphasis appears to be higher with the next resistance at 110.04 and then at 110.70-75.
The breach of 109.47 looks more positive and thus we need break of 109.34 to generate a more sustainable pullback with breach implying a move down to 109.14 and 108.80-85.
Elliott Wave Comments:
14th June 2005
Break back above the prior resistance line confuses the wave count somewhat and we are approaching this with caution. In the larger picture we feel the emphasis is much higher with 112.46 & 114.15 in our minds. However, the current rally doesn't seem to fit in with a structure that would support this. For now, we see resistance at 110.04 which is where Wave [c] would equal 76.4% of Wave [a] and where an internal wave equality target lies. However, we also note the 110.75 area is interesting with the confluence several internal Fibonacci targets.
(c) FX-Strategy Inc 2005
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