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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 03 December 2010 06:28
EURJPY
EURJPY closed @ 11075 which was ABOVE 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 PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Turning Down while 11160 holds and Daily Trend is Limited Down while 11330 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 Day' s Range the Price Closed unchanged towards the Close which signifies a Range Trading. 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 a Choppy session until the Break, 11010-10930 are the Critical levels to watch to watch to maintain the Bullish Outlook. The EUR is Flat with an Upside Bias and the JPY is Flat with a Downside Bias, so both the Cross may drag the EURJPY nowhere as they are moving in the Opposite Direction.
BULLS: 11000 10925 10865 BEARS: 11125 11175 11225
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13075 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at 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 Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 13185 holds and Daily Trend is Limited Down while 13325 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 towards the Close which signifies a Range Trading. The MA is suggesting a Downside Bias 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 a Choppy session until the Break, 13130-85 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 Downside Bias, so both the Cross may drag the GBPJPY Lower , so the Bulls may have to be Sidelined until 13130-85 is regained.
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AUDJPY
AUDJPY closed @ 8190 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 1 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 Limited Up while 8060 holds and Daily Trend is Turning Down while 8300 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend breached the Prior Day' s High and the Bulls were holding till the Close which signifies some more Strength but the Price is Trading at Critical Levels. The MA is suggesting a Choppy session with a Limited Upside Bias 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 a Choppy session until the Break, 8125-8060 are the Critical levels to watch to watch to maintain the Bullish Outlook. The AUD is Flat with a Limited Upside Bias and the JPY is Flat with a Downside Bias, so both the Cross may drag the AUDJPY nowhere as they are moving in the Opposite Direction.
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