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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 19 October 2010 06:32
EURJPY
EURJPY closed @ 11325 which was BELOW the open and breached the previous day's low. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bullish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 11435 holds and Daily Trend is Turning Down while 11575 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s Low but the Bears gave up partially towards the Close which signifies some Strength during Asian Session . The MA is suggesting a Choppy session with a Downside Bias and the Oscillators are Bearish but Weak. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the break, 11375-11435 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a Potential to Turn Down and JPY is Flat with a Mixed Bias , so EUR may drag the EURJPY Lower after the EUR breaks lower, so Cautious approach is needed.
BULLS: 11285 11220 11165 BEARS: 11380 11445 11500
Today's Strategies: SHORT near 11385 11445 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 12900 which was BELOW the open and breached the previous day's low. The High was 25 pips from Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are MIXED and the Price is Below the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12995 holds and Daily Trend is Sideways Down while 13300 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s Low but the Bears were holding till the Close which signifies some more Weakness . The MA is suggesting a Choppy session with a Downside Bias and the Oscillators are Mixed. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the break, 12955-95 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a Potential to Turn Down and JPY is Flat with a Mixed Bias , so GBP may drag the GBPJPY Lower after the GBP breaks lower, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8035 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 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 8095 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 Bears gave up partially towards the Close which signifies some Strength during Asian Session . The MA is suggesting a Choppy session with a Downside Bias and the Oscillators are Mixed. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the break, 8075-95 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a Potential to Turn Down and JPY is Flat with a Mixed Bias , so AUD may drag the AUDJPY Lower after the AUD breaks lower, so Cautious approach is needed.
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