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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 01 March 2010 07:35
EURJPY
EURJPY closed @ 12120 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the price is Below the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12040 holds and Daily Trend is also Sideways while 12385 holds, so expect the price to be Choppy until the breakout happens. The Daily Trend was within prior day's Range with the Bulls gaining mildly towards the close. The Hourly Trend has been in a Range Trading with no clear direction ,12085-40 are the critical levels to watch to maintain the bullish outlook . On the 5 min is along the Horizontal Channel and the patterns are suggesting a Choppy session until the break. The Opening price principles are mixed so Cautious approach is needed . EUR is Flat with a Weak Bias and JPY is also Flat with a mixed Bias , so both the Cross may lead the EURJPY nowhere until one of the Cross breaks out of the Range.
BULLS: 12045 11960 11840 BEARS: 12175 12265 12360
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
GBPJPY
GBPJPY closed @ 13550 which was BELOW the open and was within prior day's trading range. The High was 25 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish but Weak and the price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 13635 holds and Daily Trend is Corrective Down while 13960 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend was within prior day's Range with the Bears giving up mildly towards the close. The Hourly Trend has been in a Range Trading with no clear direction ,13585-13635 are the critical levels to watch to maintain the bearish outlook . On the 5 min is along the Horizontal Channel and the patterns are suggesting a Choppy session until the break. The Opening price principles are mixed so Cautious approach is needed . GBP is Weak and JPY is also Flat with a mixed Bias , so GBP may lead the GBPJPY lower but may be limited.
BULLS: 13450 13360 13265 BEARS: 13565 13645 13695
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
AUDJPY
AUDJPY closed @ 7965 which was ABOVE the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are MIXED and the price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 7890 holds and Daily Trend is Sideways Down while 8225 holds, so expect the price to be Choppy until the breakout happens. The Daily Trend was within prior day's Range with the Bulls gaining mildly towards the close. The Hourly Trend has been in a Range Trading with no clear direction ,7940-7890 are the critical levels to watch to maintain the bullish outlook . On the 5 min is along the Horizontal Channel and the patterns are suggesting a Choppy session until the break. The Opening price principles are mixed so Cautious approach is needed . AUD is Flat with a mixed Bias and JPY is also Flat with a mixed Bias , so both the Cross may lead the AUDJPY nowhere until one of the Cross breaks out of the Range.
BULLS: 7950 7855 7805 BEARS: 8045 8075 8145
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only