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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 15 October 2010 06:38
EURJPY
EURJPY closed @ 11475 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 11345 holds and Daily Trend is also Sideways while 11220 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior few Day' s Range but the Bulls gained towards the Close which signifies a Mixed Bias . The MA is suggesting a Choppy session and the Oscillators are Turning Bearish. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the break, 11370-45 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Weak but may be Limited and JPY is Flat with a Mixed Bias , so both the Crosses may drag the EURJPY nowhere until there is a Clear Break, so Cautious approach is needed.
BULLS: 11385 11325 11275 BEARS: 11485 11560 11600
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13045 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 12905 holds and Daily Trend is also Sideways while 12765 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior few Day' s Range but the Bulls gained towards the Close which signifies a Mixed Bias . The MA is suggesting a Choppy session and the Oscillators are Bullish. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the break, 12990-15 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with an Upside Bias and JPY is Flat with a Mixed Bias , so the GBP may drag the GBPJPY Higher once the GBP breaks higher but may be Limited, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8100 which was UNCHANGED from the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 8145 holds and Daily Trend is also Sideways while 7865 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior few Day' s Range but the Price Closed Unchanged towards the Close which signifies a Mixed Bias . The MA is suggesting a Choppy session and the Oscillators are Bearish. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the break, 8125-45 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Weak but may be Limited and JPY is Flat with a Mixed Bias , so both the Crosses may drag the AUDJPY nowhere until there is a Clear Break, so Cautious approach is needed.
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