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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 28 October 2010 06:19
EURJPY
EURJPY closed @ 11255 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 5 pips from 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 Bears gained mildly towards the Close which signifies a Choppy Session . The MA is suggesting a Choppy session 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, 11305-50 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Mildly Strong with a potential to Turn Up and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY Higher provided the EUR breaks higher, so Cautious approach is needed.
BULLS: 11225 11150 11100 BEARS: 11345 11415 11485
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12895 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 Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 12965 holds and Daily Trend is Sideways Down while 13110 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gained mildly towards the Close which signifies a Choppy Session . The MA is suggesting a Choppy session 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, 12950-65 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Mildly Strong with a potential to Turn Up and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Higher provided the GBP breaks higher, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 7945 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 PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Turning Bullish and the Price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 7835 holds and Daily Trend is Sideways while 8185 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend was within the Prior few Day' s Range and the Bears gained but gave up partially towards the Close which signifies a Choppy Session . The MA is suggesting a Choppy session and the Oscillators are Turning 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, 7985-8025 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Strong with a potential to Turn Up and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY Higher provided the AUD breaks higher, so Cautious approach is needed.
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