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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 09 November 2010 06:59
EURJPY
EURJPY closed @ 11300 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 Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish but Oversold and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Down while 11375 holds and Daily Trend is Sideways Down while 11545 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend breached the Prior Day' s Low and the Bears gained aggressively but gave up mildly towards the Close which signifies some Strength. The MA is suggesting a Limited Downside Bias and the Oscillators are Bearish but Oversold. The Hourly Trend has been Creeping Lower with no Price Targets and the Patterns are suggesting the Downside may be Limited, 11350-75 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Weak but may be limited and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY Higher once the EUR turns Up, so Cautious approach is needed .
BULLS: 11195 11130 11065 BEARS: 11285 11345 11405
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13100 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 10 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 12965 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 and the Bears gained aggressively but gave up mildly towards the Close which signifies some Strength. The MA is suggesting a Limited Downside Bias and the Oscillators are Bearish but Weak. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting the Downside may be Limited, 13115-55 re the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a potential to Turn Up and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Higher once the GBP turns Up, so Cautious approach is needed .
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AUDJPY
AUDJPY closed @ 8230 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 PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Up while 8105 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 was within the Prior Day' s Range and the Bears gained and gave up mildly towards the Close which signifies some Strength. The MA is suggesting a Limited Downside Bias and the Oscillators are Bearish but Weak. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting the Downside may be Limited,8150-05 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Flat but may Turn Up soon and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY Higher once the AUD turns Up, so Cautious approach is needed .
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