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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 25 October 2010 06:48
EURJPY
EURJPY closed @ 11355 which was ABOVE 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 1. The Hourly Oscillators are Bullish but Weak and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 11270 holds and Daily Trend is Sideways Down while 11510 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 some Strength . The MA is suggesting a Choppy session with an Upside Bias and the Oscillators are Bullish 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, 11305-11270 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Strong and JPY is Flat with a Strong Bias , so both the Cross may drag the EURJPY nowhere until there is a Clear Break, so Cautious approach is needed.
BULLS: 11330 11275 11230 BEARS: 11385 11435 11485
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12760 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12835 holds and Daily Trend is Sideways Down while 13085 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 mildly towards the Close which signifies some Strength . The MA is suggesting a Choppy session with a Mixed 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, 12815-35 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Strong and JPY is Flat with a Strong Bias , 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 @ 7995 which was ABOVE the open and was within prior day's trading range. 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 Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 7925 holds and Daily Trend is Sideways Down while 8185 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior few Day' s Range but the Bulls gained towards the Close which signifies some Strength . The MA is suggesting a Choppy session with an Upside Bias and the Oscillators are Bullish. The Hourly Trend has been Creeping Higher with no Price Targets and the Patterns are suggesting Higher Highs are expected, 7955-25 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Strong and JPY is Flat with a Strong Bias , so the AUD may drag the AUDJPY Higher but may be Limited, so Cautious approach is needed.
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