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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 23 September 2010 06:41
EURJPY
EURJPY closed @ 11325 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 11195 holds and Daily Trend is Sideways Up while 11065 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s High but the Bulls gave up mildly towards the Close which signifies a Choppy session with some Weakness. The MA is suggesting a Choppy session with a Bullish Bias and the Oscillators are suggesting Mixed Signals. The Hourly Trend has been in a Range Trading with no Price Target until the break and the Patterns are suggesting that the Bulls need to crack 11385 mark for further gains,11275-11195 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a Potential to Turn Down and JPY is Flat with a Potential to Turn Up , so both the Cross may drag the EURJPY nowhere until there is a Clear Break, so Cautious approach is needed.
BULLS: 11275 11220 11175 BEARS: 11380 11460 11520
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13235 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 but Oversold and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 13330 holds and Daily Trend is Sideways Up while 12830 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s Low but the Bears gave up mildly towards the Close which signifies a Choppy session with some Strength. The MA is suggesting a Choppy session with a Mixed Bias and the Oscillators are suggesting Bearish but Weak. The Hourly Trend has been in a Range Trading with a Price Target 13150/13000 and the Patterns are suggesting that the Bears need to crack 13180-50 mark for further gains,13290-13330 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a Potential to Turn Up and JPY is Flat with a Potential to Turn Up , so both the Cross may drag the GBPJPY nowhere until there is a Clear Break, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8080 which was BELOW the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 8015 holds and Daily Trend is Sideways Up while 7885 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gave up partially towards the Close which signifies a Choppy session with some Strength. The MA is suggesting a Choppy session with a Mixed Bias and the Oscillators are suggesting Bearish but Weak. The Hourly Trend has been in a Range Trading with no Price Target until the break and the Patterns are suggesting that the Bulls need to crack 8120-50 mark for further gains, 8040-15 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Flat with a Potential to Turn Up and JPY is Flat with a Potential to Turn Up , so both the Cross may drag the AUDJPY nowhere until there is a Clear Break, so Cautious approach is needed.
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