Tuesday June 28, 2005 - 00:02:56 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 28th June 2005 Price:
Resistance: 109.71 ... 110.01 ... 110.31 ... 110.55
Support....: 109.17 ... 108.95 ... 108.40 ... 108.14
While 109.71 caps we look for losses to 108.40 at least
Failure to decline as expected concerns but we shall only get bullish on a break above 109.67-71. If seen then look for gains to reach 110.31 at least and possibly 110.55. Next resistance is at 111.01-37.
Failure to break below 108.89 concerns but we tend to view this as a misjudged wave count and until 109.67-71 breaks we still see some risk of losses. However, we need a break below 108.95 to trigger losses through to 108.40 at least. Next support is at 108.14.
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
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