Thursday July 7, 2005 - 00:23:26 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 7th July 2005 Price:
Resistance: 112.28 ... 112.57 ... 112.74 ... 113.00
Support....: 111.91 ... 111.68 ... 111.31 ... 111.00
While 111.91 supports we look for gains to reach 112.46-60
The 111.30-52 area supported well yesterday and we can raise this support to 111.91 today and look for a test of the strategic 112.46-60 target. However, we continue to look for this to cap. Thus only a break above 112.60-75 would trigger follow-through to 113.36.
No break lower yesterday and we still feel the better selling opportunity will come on a test of the 112.46-60 resistance. Thus, from this anticipated peak or a direct break below 111.80 we look for losses to develop. Support seen around 110.70-00.
Elliott Wave Comments:
6th July 2005
With the move to 112.12 we have to consider an alternative wave count in Wave -iii-. The target remains at the 138.2% projection of Wave -i- at 112.60 though we should acknowledge the weekly corrective high at 112.46. Indeed, if Wave -a- equals Wave -c- the implied target is also at 112.60 while Wave v of Wave -c- looks to target the 112.47-60 area.
7th July 2005
The structure looks on course for a test of 112.57 to complete Wave -iii- and thus cause a pullback to the rally from 108.14. A 38.2% retracement comes in around 110.87 and a full 50% retracement is at 110.35 from where we will look for a rally to 114.01-14 to complete Wave [c] of Wave [iii].
(c) FX-Strategy Inc 2005
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