Wednesday September 7, 2005 - 00:25:33 GMT
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Forex: Daily Forecast for the Japanese Yen vs U.S. Dollar 7th September 2005 Price:
Resistance: 109.82 ... 110.00 ... 110.32 ... 110.74
Support....: 109.27 ... 109.10 ... 108.75 ... 108.61
Cautiously bullish but we still need a break above 109.97-00 to provoke follow-through to 110.74-111.01
Break at 109.55-60 was seen but generated a move only to the congestion area around 109.85 where it has consolidated. We see support at 109.10-27 and this area needs to remain supporting to allow strength to penetrate above 109.85 and 110.00 to generate follow-through to 110.74 at least and possibly 111.01. We feel this area is likely to cap for now. Further resistance is then found at 111.78-81.
Yesterday's gains were more bullish but failed to really break higher enough to avert the danger of further losses. We see support at 109.10-27 and this area looks as if it should support. Thus a more bearish stance requires a break of 109.05-10 which would then imply a test of the 108.61-75 area which should hold if seen. Next support is at 108.13.
Elliott Wave Comments:
6th September 2005
We have seen price decline down to 108.75 which rests between the ideal daily 50% Wave (iv) retracement at 108.95 but above the 76.4% projected Wave v low (of Wave c) at 108.61. Thus it is possible that we have seen Wave c complete but require further strength to confirm this. At the most we feel the daily 58.6% retracement at 108.13 should hold and thus the emphasis really does seem higher now.
(c) FX-Strategy Inc 2005
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