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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 24 August 2010 06:38
EURJPY
EURJPY closed @ 10780 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 Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 10855 holds and Daily Trend is also Sideways Down while 11045 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day's Low but the Bears were holding till the Close which signifies some more Weakness a head. The Hourly Trend has been in a Range Trading with a Downside Bias,10780-10855 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 Downside Bias and JPY is Flat with a Mixed Bias , so the EUR may drag the EURJPY Lower but the EUR should break Lower, so Cautious approach is needed.
BULLS: 10700 10600 10500 BEARS: 10820 10930 11015
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13210 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at 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 Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 13245 holds and Daily Trend is also Sideways Down while 13485 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior Day's Range but the Bears were holding till the Close which signifies some more Weakness a head. The Hourly Trend has been marching Lower but it is approaching critical levels,13245-65 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 a Choppy Session with a Limited Downside Bias . The Opening Price Principles suggests that GBP is Weak with a Limited Downside Bias and JPY is Flat with a Mixed Bias , so the GBP may drag the GBPJPY Lower but may be Vulnerable for a Pullback, so Cautious approach is needed.
BULLS: 13085 13045 12985 BEARS: 13185 13245 13300
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
AUDJPY
AUDJPY closed @ 7590 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 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 7625 holds and Daily Trend is also Sideways Down while 7845 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior Day's Range but the Price closed Unchanged towards the Close which signifies indecisiveness with a Weakness Bias. The Hourly Trend has been in a Range Trading with a Downside Bias, 7615-25 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 Weak and JPY is Flat with a Mixed Bias , so the AUD may drag the AUDJPY Lower but the AUD should break 8845 for further gains, so Cautious approach is needed.
BULLS: 7465 7370 7300 BEARS: 7605 7655 7700
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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