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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 03 March 2010 06:54
EURJPY
EURJPY closed @ 12095 which was UNCHANGED from the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are MIXED and the price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 11960 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 and the market closed unchanged. The Hourly Trend has been in a Range Trading with no clear direction ,12045-11960 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 until the Break . EUR is Flat with a mixed 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: 12035 11950 11860 BEARS: 12125 12205 12270
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
GBPJPY
GBPJPY closed @ 13300 which was BELOW the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Turning Bullish and the price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways while 13550 holds and Daily Trend is Corrective Down while 13850 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend was within prior day's Range and with the Bears giving up mildly towards the close. The Hourly Trend has been in a Range Trading with no clear direction ,13455-13550 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 until the Break . GBP is Strong and JPY is Flat with a mixed Bias , so GBP may lead the GBPJPY higher slowly.
BULLS: 13305 13240 13160 BEARS: 13375 13425 13490
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG @ the Break 13365 with a tight stop with a 50 pips price target.
AUDJPY
AUDJPY closed @ 8025 which was UNCHANGED from 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 Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 7935 holds and Daily Trend is also Sideways while 8225 holds, so expect the price to be Choppy until the breakout happens. The Daily Trend was within prior day's Range and the market closed unchanged. The Hourly Trend has been in a Range Trading with no clear direction ,7985-35 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 until the Break . 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: 7985 7935 7885 BEARS: 8080 8105 8135
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only