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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 26 October 2010 06:22
EURJPY
EURJPY closed @ 11285 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 while 11350 holds and Daily Trend is also Sideways 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 Bears gained towards the Close which signifies some Weakness . The MA is suggesting 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, 11335-50 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 both the Cross may drag the EURJPY Lower after the EUR starts to break Lower, so Cautious approach is needed.
BULLS: 11235 11165 11095 BEARS: 11305 11365 11425
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12705 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 PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12795 holds and Daily Trend is Sideways Down while 13000 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 . The MA is suggesting 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, 12760-95 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a Mixed Bias and JPY is also Flat with a Mixed 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 @ 8005 which was UNCHANGED from 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8065 holds and Daily Trend is also Sideways while 8185 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior few Day' s Range but the Bears gained towards the Close which signifies some 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, 8045-65 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a Mixed Bias and JPY is also Flat with a Mixed Bias , so both the Cross may drag the AUDJPY nowhere until there is a Clear Break, so Cautious approach is needed.
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