Tuesday August 23, 2005 - 01:10:38 GMT
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Forex: Daily Forecast for the U.S. Dollar vs Japanese Yen 23rd August 2005 Price:
Resistance: 109.97 ... 110.30 ... 110.62 ... 110.83
Support....: 109.58 ... 109.39 ... 109.03 ... 108.80
We look for 109.39-58 to support and for gains back above 109.97 to 110.30 at least and possibly 110.60-83
Breach of 110.05 caused follow-through to the 109.40 reserve support and we now look for the 109.39-58 area to continue supporting to allow the upside to develop. First sign of a move higher comes on a break of 109.97 which should cause follow-through to 110.30 at least. Care to be exercised here as this could cause a pullback. However, we will expect the rally to continue towards 110.60-83 at least with risk to 111.19.
Having seen the pullback reach 109.40 we are reluctant to get too bearish. Thus only while 109.97 caps and loss is seen of the 109.39 low seen yesterday will we look for price to decline to below 109.03 with major support at 108.80-95. We will expect this to hold if seen. Next support is then seen at 107.90-108.13.
Elliott Wave Comments:
23rd August 2005
Wave -b- has retraced slightly deeper than expected but held the 76.4% retracement and pivot support at 109.39. Thus we should be looking at targets for Wave -c- on the upside which would imply a minimum move to the wave equality target at 111.19 and possibly as much as the 138.2% projection at 111.88-92 which also represents a 61.8% pullback to the decline from 113.71.
(c) FX-Strategy Inc 2005
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