Wednesday June 15, 2005 - 00:03:33 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 15th June 2005 Price:
Resistance: 109.67 ... 109.90 ... 110.30 ... 110.72
Support....: 109.20 ... 108.80 ... 108.42 ... 108.07
Mixed - waiting for breaks
A move above 109.54-67 allows the drift higher to move to 109.90 but break there is required to generate the next move to 110.70-75. Further resistance lies at 111.45-71.
Losses stalled at 109.05 and while 109.54-67 holds there still remains risk of seeing a dip back below 109.20 to allow the pullback to reach 108.80 at least though we should allow for 108.42.
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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