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Morning Comments , Jan 20,1999
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01/20/1999 6:15 AM

On the Frenzied Forex Front

March Japanese-Yen recommended position Short at 8847

Support is at 8842 and 8742 where traders should buy for a good bounce, risk a close under 8734 for three days in a row. Below that good buyers should appear near 8690 and 8595 to 8589 and 8560. Traders should buy at 8575 and hold for higher prices.

Resistance is at 8913 and 8934 to 8964. Above that sellers should appear

near 9044 to 9060. Traders can go short at 9044, risk a close over 9060 for two days in a row. Beyond that resistance is at 9140 and 9156. A close over 9226 is friendly and augurs for a test of 9316 to 9347 where traders should sell at 9330 and hold for lower prices.

Support is at 5892 and 5868 to 5855.

Traders can buy at 5865 for a good bounce, initially risk a close under 5855 for three days in a row. Below that Support should be evident near 5805 to 5792 and 5729 to 5716 where traders can buy at 5729 and hold for higher prices.

Resistance is at 5957 then 5968. Beyond that resistance is near 5992 and 6023 to 6035 and 6042. Traders can go short for a quick turn lower at 6022, risk a close over 6042 for three days in a row. Beyond that good sellers should appear near 6101 to 6113. A close over 6113 augurs for a test of 6165 to 6190 and 6257 to 6270. Traders can go short at 6257 then hold for lower prices.

Support is at 7257 to 7242. Under that support should appear near 7190 to 7180 and 7170, traders can go long at 7170 and hold for higher prices.

Resistance is at 7328 to 7342 Above that resistance is near 7414 to 7428. Beyond that 7452 to 7456 offers resistance, traders should go short at 7452, risk a close over 7486 for two days in a row.

Support is at 1.6484 and 1.6420 and 1.6308. Traders can go long at 1.6420, for a turn higher risk a close under 1.6286 for two days in a row. Below that the 1.6150 to 1.6090 region offers good support, traders can go long at 1.6150 then hold for higher prices.

Resistance is at 1.6550, an extended trade over 1.6640 indicates a likely test of 1.6720. A close over augurs for a test of 1.6890 then 1.6960 where traders can go short at 1.6960 and hold for lower prices.

Support should appear at 6509 to 6483 region. Below that support should appear near 6468 and 6430 to 6417

Resistance is at 6572 to 6591. Traders can go short for a quick turn lower at 6572, risk a close over 6591 for two days in a row. Beyond that sellers should appear near 6627 and 6657. Traders can short at 6627 for a good turn lower, risk a close over 6677 for three days in a row.

Traders should go short if a close under 6519 occurs.

Support is near 288.60 and 285.70 to 284.1, below that 282 should hold.

Resistance is near 290.5 and 294.3 to 295.7. A close over 295.7 is friendly and augurs for a test of 304 to 305.

Support is at 6590 to 6575. Below that Buyers should surface near 6510 to 6480. T

traders can go long at 6510 and hold for higher prices.

Resistance is at 6740 to 6755. A close over 6755 indicates a test of 6865 to 6920. Beyond that resistance is near 7035 and 7070 to 7085. Traders can go short for a turn lower at 7035, risk as close over 7090 for three days in a row. Beyond that 7140 to 7170 offers resistance.

Support should appear near 351.7 and 349.5 below that 345.1 should bring out

buyers. Below that 339.4 offers support and should contain a break.

Resistance is at 359.5 to 361. A close over 359.5 is friendly and indicates a test of 365.1 and 372. Traders should go long if a close over 359.5 occurs, risks a close back under 349.

On the DownSide: Nearby Support is at 511 and 506.8, aggressive traders can buy at 506 risk a close under 495 for three days in a row. Below that good buyers should

appear near 480.5. Traders should buy at 485.5, risk a close under 480 for three days in a row.

On the Upside. Resistance is at 519.5 to 521, a close over 521 is friendly and

augurs for a likely test of the 531 region. Beyond that good sellers should appear

near 541. Beyond that 555 to 560 should stop a rally for a bit.

Traders should go long if a close over 521 occurs.

Buy Dips...

Nearby Support is at 1215 to 1203. Aggressive day traders can buy at 1215 risk 40 pts . Below support is at 1192 and 1172 to 1164 where it should hold. However a close under 1165 augurs for a slip to the 1142 to 1130

region. Traders can go long at 1142, risk a close under 1101 for three days in a row.

Below that 1068 to 1058 should contain a break.

Early Resistance is at 1240. A close over 1240 augurs for a test of the 1268 to 1274 region and most likely 1304 to 1319 then 1334 to 1346. A close over 1346 is friendly and indicates a test of 1377 to 1383 and 1415 to 1421. Traders can go short at 1415, risk a close over 1453 for three days in a row.

Traders should go long if a close over 1240 occurs.

Trade Accordingly

Support is at 3585 and 3503 to 3493. Traders can buy at 3585 for a turn higher risk a close under 3480 for 2 days in row. Below that support is at 3443 to 3420. Under that the 3365 to 3325 region should hold.

Resistance is at 3663 and 3685, beyond that resistance is at 3735 to 3745 and 3785. A close over 3745 is friendly and augurs for an eventual test of the 3850 to 3865 region. Beyond that sellers should appear near 4055. Traders can go short at 4055 for a turn lower, risk a close over 4110 for three days in a row.

Support is at 3260 to 3245, Aggressive traders can buy at 3245, risk a close under 3203 for three days in a row. Below that 3115 and 3035 offer support.

Resistance is at 3359. A close over 3359 augurs for a test of 3490 to 3503 and most likely the 3613 /3623 region.

Trade Accordingly.

Support is at 517. Below that 513 3/4 to 512 3/4 should contain a break. Traders can go long at 514 for a turn higher, risk a close under 505 1/2 for three days in a row

Resistance is at 529 and 537 3/4. A close over 542.5 is friendly and augurs for a test of 552 and 556 to 558. Traders should go long if a close over 542.5 occurs.

Support is at 129.4, below that 127.4 to 126.8 should hold. Traders can buy at 127.4 and hold for higher prices.

Resistance is at 133 .5 to 134.6, a close over indicates a test of 137.7 to 138.3. traders can go long if a close over 134.6 occurs. Risk a close under 133.4 for two days in a row.

Resistance is at 2354 then 2379, Traders can go short at 2379 for a turn lower, risk a close over 2419 for three days in a row. Beyond that resistance is at 2461 to 2469.

Support at 211 3/4 and 208 1/2 then 207.

Resistance is at 216 3/4 and 221 1/4 to 222 3/4. Traders can go short at 221 3/4 for a quick turn lower, risk a close over 227 3/4 beyond that a test of 231 1/2 is likely.

Support is at 268. Below that 265 to 262 offers support and should bring out buyers

Resistance is at 274 1/2, a close over augurs for a test of the 280 3/4

Resistance should appear near 6023 to 6040. A close over 6040 augurs for a test of 6098 to 6113 then 6140 and eventually the 6165 to 6195 region.

Support is at 5898. Below that 5855 to 5840 should hold.

Under that 5805 to 5792 should contain the decline for a bit.

Traders should go long if a close over 6072 occurs.

Support is at 767 to 763 then 742 and 735

Resistance is at 795 and 801

On the downside,105.80 and 104.75 which offers good support as does 103.60 to 103.20. Hearty traders should go long at 103.75 and hold for higher prices.

On the Upside, Resistance should appear near 106.80 then 107.25 to 108.10

and 109.20 to 110.10. A close over 108.10 is freindly

Nearby Support is at 1334 and 1319 to 1304. Traders can buy at 1319 for a turn higher, risk a close under 1304 for three days in a row. Below that 1279 to 1268 offers support. Resistance is at 1359, aggressive traders can sell at 1359, risk a close over 1365. Above that resistance is at 1377 to 1383.

Resistance is at 6597 to 6612 and 6637

Nearby Support is at 6522 to 6492, traders can buy at 6522 for a good turn higher, risk a close under 6477 for three days in a row. Below that 6432 should hold, traders can buy at 6432 for a good bounce, initially plan on risking a close under 6427 for two days in a row.

Nearby Support is at 3822 and 3807 thgen 3755

Resistance is at 3937 then 4012 and 4072.

Resistance is at 4167 then 4252 to 4267

Support is at 4117 and the 4057 to 4047 region

Nearby Support should appear near 5142 to 5117. A close under 5117 is negative and indicates a test of the 4907 to 4857 region.

Resistance is at 5387 then 5417 and 5442 beyond that good sellers should appear near 5577 to 5590

On The DownSide, nearby support is at 126-05, a close under 126-04 augurs for a test of the 125-05 to 124-24 region. Traders can buy at 125-04 for a good 2-3 day bounce, risk a close under 124-24 for three days in a row. Below that buyers should appear near 124-12 and 123-24.

On the Upside: Resistance is at 126-25 and 127-04 beyond that resistance should appear near 128-04. Traders can go short at 128-05, risk a close over 128-12 for three days in a row. Beyond that good resistance should appear near 129-05.

On the DownSide, Nearby Support at 1256.70 then 1253 and 1250.90, day traders can buy at 1250.90 for a quick bounce, put your own risk on it

Below that support is at 1238.00 and 1234.90 to 1232.

On the Upside, Resistance is at 1268.. Beyond that Sellers should appear near 1271 and 1274. A close over 1274 augurs for a test of 1286 to 1289. Beyond that 1304 should Cap a Rally. Traders Who Have Ice Water Running Through Their Veins can go short at 1304 and hold for lower prices, initially plan on risking a close over 1311.5 for three days in a row..

Support is at 9331 and 9316 then 9232 and 9156 to 9140, a close under 9140 is negative and augurs for a test of the 9060 to 9044 region. Below that 9064 to 8934/ 8929 should hold.

Resistance is near 9429 to 9445/ 9448 and 9526 to 9542 beyond that 9618 to 9625. 9641 offers good resistance. A close over 9641 augurs for a test of 9707 to 9737. Above that, 9821 to 9837 should Cap a Rally for a bit..