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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 22 October 2010 06:32
EURJPY
EURJPY closed @ 11320 which was UNCHANGED from the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Tgt 1 and the Low was 5 pips from 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 Down while 11400 holds and Daily Trend is also Sideways Down while 11510 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day' s High but the Bulls gave up all their gains towards the Close which signifies a Choppy session with some Weakness . The MA is suggesting a Choppy session with a Downside Bias 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, 11375/11400 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a Downside Bias and JPY is Flat with a Mixed Bias , so EUR may drag the EURJPY Lower but may be Limited, so Cautious approach is needed.
BULLS: 11230 11180 11100 BEARS: 11355 11425 11475
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12775 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Hrly Level and the Low was 5 pips from Precise Trader's Sup Tgt 2. 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 12865 holds and Daily Trend is also Sideways Down while 13105 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior 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 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 a Choppy session until the Break, 12815-65 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 but may be Limited, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 7950 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 and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 8035 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 was within the Prior Day' s High but the Bears gained towards the Close which signifies a Choppy session with some 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 a Choppy session until the Break, 7990-8035 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is mildly Strong with a Downside Bias and JPY is Flat with a Mixed Bias , so AUD may drag the AUDJPY Lower but may be Limited, so Cautious approach is needed.
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