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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 08 November 2010 06:59
EURJPY
EURJPY closed @ 11405 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 15 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Turning Up while 11210 holds and Daily Trend is also Turning Up while 11135 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 Day' s Range but the Bears gained towards the Close which signifies some more Weakness. The MA is suggesting a Limited Downside Bias and the Oscillators are Bearish. The Hourly Trend has been Creeping Lower with no Price Targets and the Patterns are suggesting the Downside may be Limited, 11375-11455 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Weak and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY Lower but may be Limited, so Cautious approach is needed for the Bears.
BULLS: 11300 11210 11150 BEARS: 11400 11475 11535
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13150 which was ABOVE the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Tgt 3 and the Low was 20 pips from Precise Trader's Hrly Level. 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 13000 holds and Daily Trend is Turning Up while 12785 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bulls gave up partially towards the Close which signifies some more Weakness. The MA is suggesting a Limited Downside Bias and the Oscillators are Turning Bearish. The Hourly Trend has been Creeping Lower with no Price Targets and the Patterns are suggesting the Downside may be Limited, 13185-13225 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Weak and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Lower but may be Limited, so Cautious approach is needed for the Bears.
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AUDJPY
AUDJPY closed @ 8255 which was ABOVE the open and breached the previous day's high. The High was 10 pips from Precise Trader's Res Tgt 2 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Limited Up while 8140 holds and Daily Trend is Sideways Up while 8035 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend breached the Prior Day' s High and the Bulls were holding their gains till the Close which signifies some more Strength. The MA is suggesting an Upside Bias and the Oscillators are Turning Bearish. The Hourly Trend has been Creeping Lower with no Price Targets and the Patterns are suggesting the Downside may be Limited, 8280-8325 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is mildly Weak and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY Lower but may be Limited, so Cautious approach is needed for the Bears.
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