Sunday June 26, 2005 - 03:00:49 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 27th June 2005 Price:
Resistance: 109.15 ... 109.40 ... 109.78 ... 110.01
Support....: 108.89 ... 108.60 ... 108.40 ... 108.14
While 109.10-20 caps we look for losses to 108.40 at least
Gains restricted to 109.40 and to resume any strength we need to see a break back above 109.20 to generate a test of Friday's high and then to 109.71-78 at least. Further resistance is at 110.01.
With a cap at 109.39 we are a little more encouraged with the general bearish view but require 109.10-20 to cap and then for losses below 108.89 which should see losses extend to 108.40 at least. Breach there allows follow-through to the 108.14 corrective low and probably to 107.82 and 107.22.
Elliott Wave Comments:
27th June 2005
With last week's movement being somewhat more complex than expected we have adjusted the wave count slightly but retaining the bearish preference with this being an expanded flat from the original 108.84 high. A 138.2% projection of Wave -i- provides a Wave -iii- target around 107.22 which should then cause a pullback before losses to the area of Wave -a- around 106.10-48.
(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."