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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 18 March 2010 06:47
EURJPY
EURJPY closed @ 12405 which was BELOW the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the price is Within the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways Down while 12480 holds and Daily Trend is Sideways while 12135 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend was within prior Day's Range with the Bears gaining towards the Close. The Hourly Trend has been in a Range Trading with a Downside Bias ,12440-80 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 are expected provided 12465-80 holds. The Opening Price Principles are mixed so cautious approach is needed until the break . EUR and JPY are both Flat with a potential to move in the Opposite Direction , so both may lead the EURJPY Lower so the Bulls may have to be Sidelined.
BULLS: 12360 12315 12270 BEARS: 12450 12495 12570
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 12440 12480 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 13840 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 3 and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Turning Bearish and the price is Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 13730 holds and Daily Trend is Sideways Up while 13360 holds, so expect the price to be Choppy and Upside may be limited. The Daily Trend breached the Prior Day's High with the Bulls giving up half of their gains towards the Close. The Hourly Trend has been in a Range Trading with no Clear Direction , 13785-30 are the critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the gradual Down 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 and JPY are both Flat with a Mixed Bias , so both may lead the GBPJPY nowhere until one of the Cross breaks out in the opposite Direction.
BULLS: 13785 13725 13655 BEARS: 13875 13940 13985
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
AUDJPY
AUDJPY closed @ 8340 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the price is Above the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways while 8385 holds and Daily Trend is also Sideways while 8155 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend was within prior Day's Range with the Bulls giving up mildly towards the Close. The Hourly Trend has been in a Range Trading with a Downside Bias , 8365-85 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 are expected provided 8365-85 holds. The Opening Price Principles are mixed so cautious approach is needed until the break . AUD and JPY are both Flat with a potential to move in the Opposite Direction , so both may lead the AUDJPY Lower so the Bulls may have to be Sidelined.
BULLS: 8295 8250 8190 BEARS: 8390 8435 8460
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 8365 8385 with a tight stop with a 50 pips price target.