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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 10 November 2010 07:15
EURJPY
EURJPY closed @ 11250 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 but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways Down while 11380 holds and Daily Trend is also Sideways Down while 11545 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day' s Low but the Bears gave up mildly towards the Close which signifies some Strength. The MA is suggesting a Limited Downside Bias and the Oscillators are Bullish 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, 11300-80 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat but may be limited Downside 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: 11200 11145 11065 BEARS: 11285 11345 11405
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13055 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 Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways Down while 13145 holds and Daily Trend is Turning Up while 12785 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day' s Low but the Bears gave up partially towards the Close which signifies some Strength. The MA is suggesting a Choppy session and the Oscillators are Turning Bullish. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 13110-45 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat but may be limited Downside 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 @ 8200 which was BELOW 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 Tgt 2. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. 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 two Day' s Range but the Bears gave up mildly towards the Close which signifies some Strength. The MA is suggesting a Choppy session and the Oscillators are Mixed. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 8155-05 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Flat but may be limited Downside 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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