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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 09 March 2010 06:36
EURJPY
EURJPY closed @ 12310 which was ABOVE 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 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish but Weak and the price is Above the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Corrective Down while 12360 holds and Daily Trend is Turning Up while 11970 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend breached the prior day's High but the Bulls gave up all their gains towards the Close. The Hourly Trend has been Creeping lower but the Downside may be limited ,12330-60 are the critical levels to watch to maintain the Bearish outlook . On the 5 min is along the gradual Down Channel and the patterns are suggesting Lower lows but may be limited. The Opening price principles suggests that JPY is Strong against most Crosses so the Bears may control at the initial stage . EUR is Flat with a Weak Bias and JPY is Flat with a Strong Bias , so both the Cross may lead the EURJPY lower slowly.
BULLS: 12220 12180 12135 BEARS: 12295 12340 12380
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
GBPJPY
GBPJPY closed @ 13605 which was BELOW 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 10 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the price is Within the MA, so the Bulls have to be sidelined. Hourly Trend is Corrective Down while 13630 holds and Daily Trend is Turning Up while 13200 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend breached the prior day's High but the Bears gained towards the Close. The Hourly Trend has been Creeping lower but the Downside may be limited ,13570-13630 are the critical levels to watch to maintain the Bearish outlook . On the 5 min is along the gradual Down Channel and the patterns are suggesting Lower lows but may be limited. The Opening price principles suggests that JPY is Strong against most Crosses so the Bears may control at the initial stage . GBP is Weak and JPY is Flat with a Strong Bias , so both the Cross may lead the GBPJPY lower slowly.
BULLS: 13460 13385 13260 BEARS: 13570 13640 13685
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
AUDJPY
AUDJPY closed @ 8210 which was ABOVE the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Tgt 1 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish but Weak and the price is Above the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Corrective Down while 8255 holds and Daily Trend is Turning Up while 7900 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend breached the prior day's High but the Bulls gave up all their gains towards the Close. The Hourly Trend has been Creeping lower but the Downside may be limited ,8235-55 are the critical levels to watch to maintain the Bearish outlook . On the 5 min is along the gradual Down Channel and the patterns are suggesting Lower lows but may be limited. The Opening price principles suggests that JPY is Strong against most Crosses so the Bears may control at the initial stage . AUD is Flat with a Weak Bias and JPY is Flat with a Strong Bias , so both the Cross may lead the AUDJPY lower slowly.
BULLS: 8150 8100 8050 BEARS: 8235 8280 8320
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only