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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 31 August 2010 06:38
EURJPY
EURJPY closed @ 10715 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 3. 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 10765 holds and Daily Trend is Sideways while 11035 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 aggressively towards the Close which signifies some more Weakness in the First half of the Day . The Hourly Trend has been in a Range Trading with a Downside Bias ,10745-65 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 with a Potential to Break Lower. The Opening Price Principles suggests that EUR is Flat with a Weak Bias and JPY is Flat with a Strong Bias , so both the Cross may drag the EURJPY Lower provided one of the Cross moves out of Zone 1 levels.
BULLS: 10660 10585 10500 BEARS: 10760 10840 10925
Today's Strategies: SHORT near 10720 10760 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 13080 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 3. 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 13185 holds and Daily Trend is Sideways while 13515 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 aggressively towards the Close which signifies some more Weakness in the First half of the Day . The Hourly Trend has been in a Range Trading with a Downside Bias ,13115-85 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 with a Potential to Break Lower. The Opening Price Principles suggests that GBP is Flat with a Weak Bias and JPY is Flat with a Strong Bias , so both the Cross may drag the GBPJPY Lower provided one of the Cross moves out of Zone 1 levels.
BULLS: 13000 12935 12860 BEARS: 13060 13115 13185
Today's Strategies: SHORT near 13060 13115 with a tight stop with a 50 pips price target.
AUDJPY
AUDJPY closed @ 7545 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at 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 7615 holds and Daily Trend is Sideways while 7815 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 aggressively towards the Close which signifies some more Weakness in the First half of the Day . The Hourly Trend has been in a Range Trading with a Downside Bias ,7585-7615 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 with a Potential to Break Lower. The Opening Price Principles suggests that AUD is Flat with a Weak Bias and JPY is Flat with a Strong Bias , so both the Cross may drag the AUDJPY Lower provided one of the Cross moves out of Zone 1 levels.
BULLS: 7515 7460 7400 BEARS: 7565 7625 7685
Today's Strategies: SHORT near 7565 7615 with a tight stop with a 50 pips price target.
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