Morning Comments
Wed July 22 1998 

Tues. July 21 1998
7:45 PM 

On the Frenzied Forex Front

Sept. J-Yen Recommended Position Long at (3) 7247

Nearby Support is 7156 and 7143. Beneath that support is 7116 then 7088 and 7074 to 7063. A close under 7074 augurs for a slip towards 7030 and the 7003 to 6990 region.

Resistance is 7169 and 7207 then 7225, Beyond that a test of 7242 to 7269 is likely. A close over 7207 is friendly for a move to resistance at 7242.

-Patience-

Resistance is at 6661 to 6673/ 6680. A close over 6680 augurs for a test of 6707 to 6708 then 6730/ 6741 beyond that resistance is at 6755 and 6773 and 6782

Support is at 6630 with more support is at 6608, day traders can buy at 6630 for a bounce, then hold for higher prices.

Support is at 1.6336 to 1.6280. Beneath it all support is at 1.6150 to 1.6090. Traders can Buy at 1.6150 for a bounce, and hold for higher prices. Below that support should appear at 1.6090 and 1.5936.

Resistance is at 1.6420 then 1.6460 and 1.6492. A close over 1.6420 augurs for a test of 1.6550. Traders can sell at 1.6510, risk a close over 1.6550 for three days in a row.

Nearby Resistance is at 5629 and 5641. A close over 5629 augurs for a test of 5679 and 5688 then 5702 and 5726. Traders should go short at 5688 for a quick turn lower. Risk a close over 5729 for two days in a row.

Support is at 5606 to 5594 then 5577 to 5553 which should contain a break today. Day traders can buy at 5606 and hold for higher prices

Traders should try to buy this dip.

Trade accordingly.

Support is at 6707 and 6699. Below that a test of 6679 to 6670 is likely.

Resistance is at 6720 and 6741. A close over 6720 is friendly and indicates a test of 6755 to 6770 if it holds.

Support is at 294.60 and 293.30 then 288.10, day traders can buy at 288.30, risk $ 4.00.

Resistance is at 296.40 to 297.20 and 298.10. A close over 297.20 augurs for a test of the 303.60 to the region, where good sellers should appear.

Support is at 7725, a slip under augurs for a test of 7630, day traders can buy at 7635 for a bounce, risk 50 pts.

Resistance is at 7820 and 7925, beyond that sellers should appear at 8030, day traders can sell at 8030 for a turn lower, risk 50 pts.

Nearby Support is at 386 below that day traders can buy at 381 for a bounce, risk
$ 5.00 slip under 380.0 augurs for a pullback towards 365, go long at 365, risk a close under 361 for three days in a row.

Resistance is at 390.5 and 400.5 then 407.5 to 409.5 Traders should Go Short at 409 for a quick turn lower. Risk a Close over 412 for two days in a row.

On the Downside: Nearby Support is at 551 then 545.5 and 539. Day traders can buy at 543.5 for a turn higher.

On the Upside. Resistance is at 562.5 and 578.5 A close over 564 is friendly for a test of the resistance at 578.5, beyond that a trade to 603 is likely, if it holds.

Buy dips

Support is at 1384 to 1378, day traders should go long at 1377 for a quick turn higher. Risk 35pts. More support is at 1359 and 1346 to 1334 which should hold today.

Resistance is at 1409 then 1415 to 1421/ 1428. Beyond that resistance is at 1434 and 1453.

Support is at 4383 and 4354 then 4326 to 4315, day traders should buy at 4383 for a day turn higher, risk 100 pts

Resistance is at 4426, an extended trade or close over 4425 augurs for a test of 4525 beyond that resistance is at 4700

Trade accordingly.

Resistance is at 3843 beyond that 3915 offers resistance

Support is at 3792 and 3783 then 3645. Traders can buy at 3748 for a good two to three day bounce, risk a close under 3610 for two days in a row.

Buy Dips.

Support is at 614 3/4, day traders can buy at 615 for a bounce. Below that 606 to 600 should hold.

Resistance is at 628 1/2 and 634 1/4 a thrust over or close over 629 indicates a test of the 642 region

Trade accordingly.

Support is at 572 3/4 and 571 3/4, below that support is at 570 and 563

Resistance is at 576 3/4 and 578 3/4 and 580 1/2 a close over 580 1/2 augurs for a test of 588 to 590 and more likely 604 If it holds.

Support is at 166.5 and 164.10. then 160.90 to 159.90 which should contain a decline today.

Resistance is at 168.9 and 175.90 to 176.90, beyond that resistance is at 178.30 and 180.50.

Buy Dips

Resistance is at 2419 and 2422 beyond that resistance is 2449 and 2461 to 2469 A close over 2416 is friendly.

Trade accordingly.

Support is at 232 1/2, day traders can buy at 232 1/2 for a bounce, risk 4 cents. Below that support is at 227 1/2 and 225.

Resistance is at 235 1/4 and 236 3/4 to 237 1/2 beyond that resistance is at 242 1/2. A close over 237 is friendly.

Resistance is at 272 3/4 and 275 1/2, a close over 273 is friendly

for a test of 278 to 281

On the Downside Support is at 269 1/2 and 268 3/4 Below that support should appear at 265 3/4 Day traders can buy at 269 3/4 for a turn higher, risk 7 cents.

A close over 273 is friendly.

Support is at 7234 and 7205. Below that support is at 7184.

Resistance is 7284 to 7309. A close over 7335 is friendly and augurs for a test of 7560

Trade Accordingly

Support is at 847 and 834, below that traders can buy at 823 risk a close under 814 for three days in a row. Below that support is at 795 to 782.

Resistance is at 852 and 854, beyond that resistance is at 863 and 877 to 882.

On the DownSide, support is 107.95 and 107.25 then 106.80/ 106.30 and 105.80. Below that support is near the 103.80 to 103.50/ 103.05 region.

On the Upside, Resistance is at 108.30 Beyond that another test of 109.60 is likely, Above that resistance is 110.10 and 110.80. A close over 110.80 augurs for a test of 112.35.

Trade accordingly.

Traders should use a stop close under 1561 for two days in a row for protection

Support is at 1576 and 1569 to 1560. Day traders can buy at 1560 for a good bounce.

Resistance is at 1609/ 1610 to 1615 and 1642 /1647 to 1655/1660 where traders can go short for a turn lower at 1655, risk a close over 1692 for two days in a row.

Support is at 6270 to 6257 and 6215, day traders can buy at 6257 for a bounce, below that support is at 6147.

Resistance is at 6292 and 6297, a trade over is friendly for a pop to 6362 to 6372.

Support is at 4972 and 4927 to 4915. Below that buyers should appear at 4857.

Resistance is at 5027 to 5032 and 5055. A close over or extended trade over 5037 is friendly for test of resistance at 5127.

Resistance is at 4482 then 4517 Support is at 4377 to 4362 and 4277

Support is at 5507 to 5492 then 5452 to 5387, hearty day traders can buy at 5450 for a bounce. More support is at 5287.

Resistance is at 5600 and 5685 beyond that resistance is at 5750.

-From the Frying Pan into the Fire-

On The Downside, Nearby Support is 122-23 to 122-20 Below that good support is at 122-10. On the Upside: Resistance is at 123-10 and 123-17. Beyond that 124-10 and 124-20.

On the DownSide, Support is at 1169 and 1166.50 below that support is at 1164.

Under that support remains at 1159.90, a close under 1159.90 indicates a test of 1155.60 and 1150.

On the Upside, Resistance is at 1180.50 and 1186. Beyond that good sellers should show up at 1190.50 and 1191.70 to 1192

Stay tuned..

Support is 9156 to 9140 then 9104 and 9060.

Resistance should first appear at 9196.90 and 9236. Beyond that resistance is at 9275 and 9316.