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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 01 September 2010 06:46
EURJPY
EURJPY closed @ 10675 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Hrly Level and the Low was 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 10620 holds and Daily Trend is Sideways while 11120 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 breached the Prior Day's Low but the Bears gave up partially towards the Close which signifies some Strength in the First half of the Day . The Hourly Trend has been Creeping Higher and expect it to continue ,10645-20 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 a Choppy Session with a Potential to Break Higher. The Opening Price Principles suggests that EUR and JPY are Flat with an Upside Bias , so both the Cross may drag the EURJPY Higher provided one of the Cross moves out of Zone 1 levels.
BULLS: 10705 10660 10600 BEARS: 10785 10840 10925
Today's Strategies: LONG near 10705 10660 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 12920 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Turning Bullish and the Price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 12865 holds and Daily Trend is Sideways while 13475 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 breached the Prior Day's Low but the Bears gave up partially towards the Close which signifies some Strength in the First half of the Day . The Hourly Trend has been Creeping Higher and expect it to continue ,12885-65 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 a Choppy Session with a Potential to Break Higher. The Opening Price Principles suggests that GBP and JPY are Flat with an Upside Bias , so both the Cross may drag the GBPJPY Higher provided one of the Cross moves out of Zone 1 levels.
BULLS: 12955 12900 12860 BEARS: 13010 13115 13215
Today's Strategies: LONG near 12955 12900 with a tight stop with a 50 pips price target.
AUDJPY
AUDJPY closed @ 7500 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). 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 7475 holds and Daily Trend is Sideways while 7815 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend breached the Prior Day's Low but the Bears gave up partially towards the Close which signifies some Strength in the First half of the Day . The Hourly Trend has been Marching Higher and expect it to continue ,7525-7475 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 a Choppy Session with a Potential to Break Higher. The Opening Price Principles suggests that AUD is Strong and JPY is Flat with an Upside Bias , so both the Cross may drag the AUDJPY Higher provided 7525-7475 holds.
BULLS: 7530 7485 7445 BEARS: 7620 7685 7725
Today's Strategies: LONG near 7535 7485 with a tight stop with a 50 pips price target.
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