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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 01 November 2010 06:59
EURJPY
EURJPY closed @ 11210 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 Zone 5 (U Turn Zone). The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 11130 holds and Daily Trend is also Sideways while 11485 holds, so expect the Price to be Choppy until Breakout. 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 an Upside Bias and the Oscillators are Bullish. The Hourly Trend has been Creeping Higher with 11340/11420-75 as Price Targets and the Patterns are suggesting a Choppy session with a potential to break Higher, 11160-30 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Mildly Strong with a potential to break Higher and the JPY is Mildly Weak with a Mixed Bias, so the EUR may drag the EURJPY Higher provided the EUR breaks higher, so Cautious approach is needed.
BULLS: 11225 11135 11075 BEARS: 11325 11385 11465
Today's Strategies: LONG near 11225 11160 with a tight stop with a 50 pips price target.
GBPJPY
GBPJPY closed @ 12895 which was BELOW the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 12860 holds and Daily Trend is also Sideways while 13110 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior few Day' s Range and the Bears gained mildly towards the Close which signifies a Choppy Session . The MA is suggesting an Upside Bias and the Oscillators are Bullish. The Hourly Trend has been Creeping Higher with 13035-75 as Price Targets and the Patterns are suggesting a Choppy session with a potential to break Higher, 11160-30 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a potential to break Higher and the JPY is Mildly Weak 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 @ 7905 which was BELOW the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 7850 holds and Daily Trend is Sideways 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 and the Bears gained but gave up partially towards the Close which signifies a Choppy Session . The MA is suggesting an Upside Bias and the Oscillators are Bullish. The Hourly Trend has been Creeping Higher with 8020-45/8100 as Price Targets and the Patterns are suggesting a Choppy session with a potential to break Higher, 7865-50 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Strong and the JPY is Mildly Weak 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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