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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 27 October 2010 06:39
EURJPY
EURJPY closed @ 11285 which was UNCHANGED from 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 Tgt 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. 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 Price Closed unchanged towards the Close which signifies a Choppy Session . 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, 11335-50 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Mildly Weak with a Downside Bias and JPY is Flat with an Upside Bias , so both the Cross may drag the EURJPY nowhere as both the Crosses are moving in the Opposite Direction, 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 @ 12905 which was ABOVE the open and breached the previous day's high. The High was 25 pips from Precise Trader's Res Tgt 3 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 while 12845 holds and Daily Trend is Sideways Down while 13110 holds, so expect the Price to be Choppy until Breakout. The Daily Trend Rallied Above the Prior Day' s High and the Bulls were holding till the Close which signifies some more Strength . The MA is suggesting an Upside Bias and the Oscillators are Bullish. The Hourly Trend has been in a Range Trading with no Price Target and the Patterns are suggesting a Choppy session until the Break, 12870-45 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a Mixed Bias and JPY is Flat with an Upside Bias , so the JPY may drag the GBPJPY Higher but may be limited, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8025 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 Zone 1. 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 Sideways while 8185 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior few Day' s Range but the Bulls gained mildly towards the Close which signifies a Choppy Session . The MA is suggesting a Downside Bias and the Oscillators are Bearish. The Hourly Trend has been Creeping Lower with no Price Target and the Patterns are suggesting Lower Lows are expected, 8035-65 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is very Weak with a Downside Bias and JPY is Flat with an Upside Bias , so the AUD may drag the AUDJPY Lower but may be Limited as both the Cross are moving in the Opposite Direction, so Cautious approach is needed.
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