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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 26 August 2010 07:22
EURJPY
EURJPY closed @ 10705 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 3 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways Up while 10625 holds and Daily Trend is Limited Down while 11035 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day's Range but the Bulls gave up mildly towards the Close which signifies a Choppy session with a mild Strength a head. The Hourly Trend has been in a Range Trading with an Upside Bias ,10655-25 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 with a Potential to break Higher but it is rather Weak . The Opening Price Principles suggests that EUR is mildly Strong with a Mixed Bias and JPY is Flat with a Mixed Bias , so EUR may drag the EURJPY Higher but Cautious approach is needed.
BULLS: 10725 10625 10565 BEARS: 10835 10875 10935
Today's Strategies: LONG near 10735 10700 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 13075 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was 20 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways Up while 13060 holds and Daily Trend is Limited Down while 13425 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day's Range but the Bulls gained towards the Close which signifies a Choppy session with Strength a head. The Hourly Trend has been Creeping Higher with an Upside Bias ,13110-13060 are the Critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the gradual Up Channel and the Patterns are suggesting Higher Highs are expected as long as GBP is holding firm . The Opening Price Principles suggests that GBP is Strong and JPY is Flat with a Mixed Bias , so GBP may drag the GBPJPY Higher.
BULLS: 13140 13105 13040 BEARS: 13205 13275 13345
Today's Strategies: LONG near 13140 13105 with a tight stop with a 50 pips price target.
AUDJPY
AUDJPY closed @ 7475 which was ABOVE the open and was within prior day's trading range. 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 Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways Up while 7425 holds and Daily Trend is Limited Down while 7780 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day's Range but the Bulls gave up mildly towards the Close which signifies a Choppy session with a mild Strength a head. The Hourly Trend has been in a Range Trading with an Upside Bias , 7450-25 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 with a Potential to break Higher but it is rather Weak . The Opening Price Principles suggests that AUD is mildly Strong with a Mixed Bias and JPY is Flat with a Mixed Bias , so AUD may drag the AUDJPY Higher but Cautious approach is needed.
BULLS: 7470 7430 7390 BEARS: 7545 7580 7625
Today's Strategies: LONG near 7470 7430 with a tight stop with a 50 pips price target.
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