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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 16 November 2010 06:53
EURJPY
EURJPY closed @ 11290 which was UNCHANGED from the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 11400 holds and Daily Trend is also Sideways while 11575 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior few Day' s Range but the Price closed unchanged towards the Close which signifies a Range Trading. The MA is suggesting a Choppy session with a Mixed Bias 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, 11340-11400 are the Critical levels to watch to watch to maintain the Bearish Outlook. The EUR is Flat with a limited Downside and the JPY is Flat with an Upside Bias, so both the Cross may drag the EURJPY nowhere until we get a Clear break, so Cautious approach is needed .
BULLS: 11260 11195 11130 BEARS: 11345 11415 11485
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13335 which was ABOVE the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 1 and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Turning Down while 13480 holds and Daily Trend is Turning Up while 12895 holds, so expect the Price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily Trend was within the Prior few Day' s Range but the Bulls gained mildly towards the Close which signifies a Range Trading. The MA is suggesting a Choppy session with a Mixed 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 a Choppy session until the Break, 13280-45 are the Critical levels to watch to watch to maintain the Bullish Outlook. The GBP is Flat with a Mixed Bias and the JPY is Flat with an Upside Bias, so both the Cross may drag the GBPJPY nowhere until we get a Clear break, so Cautious approach is needed .
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AUDJPY
AUDJPY closed @ 8185 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 8100 holds and Daily Trend is also Sideways while 7940 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bulls gained towards the Close which signifies a Range Trading. The MA is suggesting a Choppy session with a Mixed 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 a Choppy session until the Break, 8140-00 are the Critical levels to watch to watch to maintain the Bullish Outlook. The AUD is Flat with a limited Downside and the JPY is Flat with an Upside Bias, so both the Cross may drag the AUDJPY nowhere until we get a Clear break, so Cautious approach is needed .
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