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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 30 August 2010 06:57
EURJPY
EURJPY closed @ 10870 which was ABOVE the open and breached the previous day's high. The High was 10 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 10770 holds and Daily Trend is Turning Up while 10600 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend breached the Prior Day's High and the Bulls were holding their gains till the Close which signifies some more Strength . The Hourly Trend has been in a Range Trading with an Upside Bias ,10820-10770 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. The Opening Price Principles suggests that EUR is Flat with a Mixed Bias and JPY is Flat with an Upside Bias , so both the Cross may drag the EURJPY Higher provided 10820-10770 holds.
BULLS: 10825 10755 10700 BEARS: 11000 11060 11125
Today's Strategies: LONG near 10825 10770 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 13240 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 13170 holds and Daily Trend is Turning Up while 12880 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend breached the Prior Day's High and the Bulls were holding their gains till the Close which signifies some more Strength . The Hourly Trend has been in a Range Trading with an Upside Bias ,13205-13170 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. The Opening Price Principles suggests that GBP is Flat with a Mixed Bias and JPY is Flat with an Upside Bias , so both the Cross may drag the GBPJPY Higher provided 13205-13170 holds.
BULLS: 13210 13085 13000 BEARS: 13360 13435 13515
Today's Strategies: LONG near 13210 13170 with a tight stop with a 50 pips price target.
AUDJPY
AUDJPY closed @ 7655 which was ABOVE the open and breached the previous day's high. The High was 45 pips from Precise Trader's Res Tgt 3 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 7590 holds and Daily Trend is Turning Up while 7360 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend Rallied above the Prior Day's High and the Bulls were holding their gains till the Close which signifies some more Strength . The Hourly Trend has been in a Range Trading with an Upside Bias , 7620-7590 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. The Opening Price Principles suggests that AUD is Flat with a Mixed Bias and JPY is Flat with an Upside Bias , so both the Cross may drag the AUDJPY Higher provided 7620-7590 holds.
BULLS: 7650 7575 7505 BEARS: 7725 7785 7855
Today's Strategies: LONG near 7645 7590 with a tight stop with a 50 pips price target.
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