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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 20 October 2010 06:35
EURJPY
EURJPY closed @ 11195 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 5 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways Down while 11305 holds and Daily Trend is also Sideways Down while 11485 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day' s Low and 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 Bearish but Weak. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting Lower Lows are expected, 11245/11305 are the Critical levels to watch to maintain the Bearish Outlook. The EUR has mild Strength 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: 11160 11100 11020 BEARS: 11245 11305 11345
Today's Strategies: SHORT near 11245 11305 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 12815 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 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 12935 holds and Daily Trend is also Sideways Down while 13130 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day' s Low and 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 Bearish . The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting Lower Lows are expected, 12870/12935 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a Downside Bias 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.
BULLS & BEARS : Get the full report by visiting www.precisetrader.com for a Free Trial.
Today's Strategies: Get the full report by visiting www.precisetrader.com for a Free Trial.
AUDJPY
AUDJPY closed @ 7900 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 5 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 8010 holds and Daily Trend is also Sideways Down while 8185 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend Plunged below the Prior Day' s Open and 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 Bearish . The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting Lower Lows are expected, 7970/8010 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Strong 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.
BULLS & BEARS : Get the full report by visiting www.precisetrader.com for a Free Trial.
Today's Strategies: Get the full report by visiting www.precisetrader.com for a Free Trial.