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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 02 November 2010 06:41
EURJPY
EURJPY closed @ 11185 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 Hrly Level. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 11260 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 a Mixed Bias and the Oscillators are the same. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 11235-60 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Mildly Strong with a potential to break Lower and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY Lower provided the EUR breaks lower, so Cautious approach is needed.
BULLS: 11175 11125 11075 BEARS: 11245 11305 11365
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12910 which was ABOVE the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Hrly Level. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12835 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 Bulls gained but gave up partially towards the Close which signifies a Choppy Session . The MA is suggesting a Mixed Bias and the Oscillators are the same. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 12855-35 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Mildly Strong with a potential to break Higher 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 ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 7920 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 Bulls 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 marching Higher 8055-85/8125 as Price Targets and the Patterns are suggesting Higher Highs are expected, 7920-05 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Strong and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY Higher, but Cautious approach is needed as the Price is reaching the Critical Levels.
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