Friday July 8, 2005 - 01:03:35 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 8th July 2005 Price:
Resistance: 112.31 ... 112.60 ... 112.91 ... 113.36
Support....: 111.65 ... 111.43 ... 111.14 ... 111.72
We look for sideways consolidation although this may reach 112.60
Recovery from 111.48 has been firm although we are not totally convinced this completed the correction. However, that being said we do feel there may be room for a move above 112.31 to allow a test of the original 112.60 target though we feel this should hold. Thus only above 112.60 would cause gains to extend through to 113.36 and 114.01-14.
The sharp drop reached the 111.48 level with a firm recovery. It is a little difficult to spot selling opportunities today with several scenarios possible. However, if we see a test of 112.60 that holds, we feel there is room for losses back down to 111.43 at least and probably to 110.72-111.14.
Elliott Wave Comments:
8th July 2005
Yesterday's high at 112.31 looks to have completed Wave -iii- slightly early. It does provide for the risk of a 38.2% expanded flat correction to 112.60 which would imply a return to 111.48 and we suspect lower to 111.14 at least with 110.72 not out of the question.
Any direct break above 112.60 would suggest that Wave -v- is underway and should reach the key 114.01-14 daily target area.
(c) FX-Strategy Inc 2005
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