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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 02 December 2010 06:08
EURJPY
EURJPY closed @ 11060 which was ABOVE the open and was within prior day's trading range. The High was 40 pips from Precise Trader's Res Tgt 3 and the Low was PRECISELY at 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 Up while 10930 holds and Daily Trend is Limited Down while 11285 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day' s Range but the Bulls gained aggressively towards the Close which signifies some more Strength. The MA is suggesting a Choppy session and the Oscillators are suggesting the same. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting that the Low may have been seen, 10995-30 are the Critical levels to watch to watch to maintain the Bullish Outlook. The EUR is Flat with a potential to Turn Up and the JPY is Flat with an Upside Bias, so both the Cross may drag the EURJPY Higher so the Bears may have to be Sidelined.
BULLS: 10965 10925 10845 BEARS: 11070 11155 11200
Today's Strategies: LONG near 10965 10925 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13155 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 12990 holds and Daily Trend is Limited Down while 13325 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day' s Range but the Bulls gained aggressively towards the Close which signifies some more Strength. The MA is suggesting a Choppy session and the Oscillators are suggesting the Bulls may gain Control. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting that the Low may have been seen, 13080-00 are the Critical levels to watch to watch to maintain the Bullish Outlook. The GBP is Flat with a potential to Turn Up and the JPY is Flat with an Upside Bias, so both the Cross may drag the GBPJPY Higher so the Bears may have to be Sidelined.
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AUDJPY
AUDJPY closed @ 8150 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 3 and the Low was PRECISELY at Precise Trader's Sup Tgt 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 Up while 8040 holds and Daily Trend is Turning Down while 8300 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day' s Range but the Bulls gained aggressively towards the Close which signifies some more Strength. The MA is suggesting a Choppy session and the Oscillators are suggesting the same. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting that the Low may have been seen, 8065-40 are the Critical levels to watch to watch to maintain the Bullish Outlook. The AUD is Weak but may be limited and the JPY is Flat with an Upside Bias, so both the Cross may drag the AUDJPY Higher eventually, so the Bears may have to start booking their Profits.
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Today's Strategies: Get the full report by visiting Precise Trader for a Free Trial.