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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 23 November 2010 07:06
EURJPY
EURJPY closed @ 11355 which was BELOW the open and was within prior day's trading range. The High was 30 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 11405 holds and Daily Trend is Sideways while 11110 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior Day' s Range but the Bears gained aggressively towards the Close which signifies some more Weakness. The MA is suggesting a Downside Bias and the Oscillators are Bearish. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session with a potential to break Lower but may be Limited, 11405-35 are the Critical levels to watch 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 both the Cross may drag the EURJPY nowhere until there is a Clear Break, but Cautious approach is needed .
BULLS: 11275 11225 11175 BEARS: 11365 11405 11465
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13300 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 Tgt 2. The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 13365 holds and Daily Trend is also Sideways while 13075 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gained aggressively towards the Close which signifies some more Weakness. The MA is suggesting a Downside Bias and the Oscillators are Bearish. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session with a potential to break Lower but may be Limited, 13355-65 are the Critical levels to watch to watch to maintain the Bearish Outlook. The GBP is Flat with a Mixed Bias and the JPY is Flat with a Mixed Bias, so both the Cross may drag the GBPJPY nowhere until there is a Clear Break, but Cautious approach is needed .
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AUDJPY
AUDJPY closed @ 8235 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 25 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 8280 holds and Daily Trend is also Sideways while 8000 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gained mildly towards the Close which signifies some more Weakness. The MA is suggesting a Downside Bias and the Oscillators are Bearish. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session with a potential to break Lower but may be Limited, 8280-8305 are the Critical levels to watch to watch to maintain the Bearish Outlook. The AUD is Weak but may be Limited and the JPY is Flat with a Mixed Bias, so both the Cross may drag the AUDJPY nowhere until there is a Clear Break, but Cautious approach is needed .
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