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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 24 September 2010 06:52
EURJPY
EURJPY closed @ 11235 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 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 11360 holds and Daily Trend is Sideways Up while 10945 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior two Day' s Range but the Bears gained towards the Close which signifies a Choppy session with some Weakness. The MA is suggesting a Choppy session with a Bearish Bias and the Oscillators are suggesting Weakness. The Hourly Trend has been in a Range Trading with no Price Target until the break and the Patterns are suggesting that the Bears need to protect 11330-70 mark for further gains,11285-11360 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is mildly Strong 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: 11220 11175 11120 BEARS: 11325 11375 11460
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13235 which was UNCHANGED from 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 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13360 holds and Daily Trend is Sideways Up while 12830 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Price Closed unchanged towards the Close which signifies a Choppy session . The MA is suggesting a Choppy session with a Mixed Bias and the Oscillators are suggesting the same. The Hourly Trend has been in a Range Trading with no Price Target until the break and the Patterns are suggesting a Choppy session until the break,13290-13360 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a Mixed Bias 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 @ 8005 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8110 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 few Day' s Range 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 Bearish Bias and the Oscillators are suggesting Weakness. The Hourly Trend has been in a Range Trading with no Price Target until the break and the Patterns are suggesting a Choppy session until the break, 8050-8110 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a Mixed Bias 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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