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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 29 July 2010 06:25
EURJPY
EURJPY closed @ 11365 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 PRECISELY at 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 Sideways Down while 11475 holds and Daily Trend is Sideways Up while 11085 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day's High but the Bears gained towards the Close. The Hourly Trend has been in a Range Trading with a Downside Bias,11415-75 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 there is a Clear Break . The Opening Price Principles suggests that EUR is Flat with a Limited Upside Bias and JPY is Flat with a Downside Bias , so JPY may drag the EURJPY Lower but Cautious approach is needed .
BULLS: 11260 11195 11085 BEARS: 11415 11465 11560
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13645 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 Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 13760 holds and Daily Trend is Sideways Up while 13330 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day's High but the Bears gained towards the Close. The Hourly Trend has been in a Range Trading with a Downside Bias,13700-60 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 there is a Clear Break . The Opening Price Principles suggests that GBP is Flat with a Limited Upside Bias and JPY is Flat with a Downside Bias , so JPY may drag the GBPJPY Lower but Cautious approach is needed .
BULLS: 13565 13465 13385 BEARS: 13705 13775 13825
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
AUDJPY
AUDJPY closed @ 7815 which was BELOW the open and breached the previous day's low. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 5 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 Turning Up while 7705 holds and Daily Trend is Sideways Up while 7585 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend was within the Prior Day's Range but the Bears gained aggressively towards the Close. The Hourly Trend has been in a Range Trading with a Limited Downside Bias,7855-7905 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 there is a Clear Break . The Opening Price Principles suggests that AUD is Flat with a Limited Downside Bias and JPY is Flat with a Downside Bias , so both the Cross may drag the AUDJPY nowhere until one of the Cross breaks out of the Range.
BULLS: 7785 7740 7700 BEARS: 7855 7905 7945
Today's Strategies: Trade @ the Bulls Levels Only.
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