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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 24 November 2010 07:17
EURJPY
EURJPY closed @ 11115 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Zone 10. The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 11245 holds and Daily Trend is Sideways Down while 11500 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend Plunged below the Prior Day' s Low and the Bears were holding till the Close which signifies a Range Trading with some 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 until the Break, 11190-11245 are the Critical levels to watch to watch to maintain the Bearish Outlook. The EUR is Flat with a Downside Bias and the JPY is Flat with a Limited Downside Bias, so both the Cross may drag the EURJPY nowhere until we get a Clear break, so Cautious approach is needed .
BULLS: 11075 11015 10960 BEARS: 11220 11275 11350
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13120 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 Dly Level. 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 13265 holds and Daily Trend is Turning Up while 12895 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend Plunged below the Prior Day' s Low and the Bears were holding till the Close which signifies a Range Trading with some 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 until the Break, 13185-13265 are the Critical levels to watch to watch to maintain the Bearish Outlook. The GBP is Flat with a Downside Bias and the JPY is Flat with a Limited Downside 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 @ 8085 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 35 pips from Precise Trader's Dly Level. The Hourly Oscillators are Bearish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 8195 holds and Daily Trend is also Sideways while 7925 holds, so expect the Price to be Choppy until Breakout. The Daily Trend Plunged below the Prior Day' s Low and the Bears were holding till the Close which signifies a Range Trading with some Weakness. The MA is suggesting a 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 a Choppy session until the Break, 8165-95 are the Critical levels to watch to watch to maintain the Bearish Outlook. The AUD is Strong with a Downside and the JPY is Flat with a Limited Downside 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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