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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 29 October 2010 06:42
EURJPY
EURJPY closed @ 11290 which was ABOVE 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 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 11330 holds and Daily Trend is Sideways while 11510 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 11160-00/11050 as Price Targets and the Patterns are suggesting Lower Lows but may be Limited, 11300-30 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Mildly Weak with a potential to Turn Up and the JPY is Strong but may be Limited, so the EUR may drag the EURJPY Higher provided the EUR breaks higher, so Cautious approach is needed.
BULLS: 11165 11100 11045 BEARS: 11265 11320 11385
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12920 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 20 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 12965 holds and Daily Trend is also Sideways Down while 13110 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 12805/12780-20 as Price Targets and the Patterns are suggesting Lower Lows but may be Limited, 12955-65 are the Critical levels to watch to maintain the Bearish Outlook. The GBP Flat with a potential to Turn Up and the JPY is Strong but may be Limited, so the GBP may drag the GBJPY Higher provided the GBP breaks higher, so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 7935 which was UNCHANGED from 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 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 7975 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 Bears 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 7865-45/7795 as Price Targets and the Patterns are suggesting Lower Lows but may be Limited, 7960-75 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Mildly Weak with a potential to Turn Up and the JPY is Strong but may be Limited, so the AUD may drag the AUDJPY Higher provided the AUD breaks higher, so Cautious approach is needed.
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