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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 06 December 2010 06:38
EURJPY
EURJPY closed @ 11070 which was UNCHANGED from 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 5 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 10945 holds and Daily Trend is Limited Down while 11345 holds, so expect the Price to be Choppy until Breakout. 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, 11020-10945 are the Critical levels to watch to watch to maintain the Bullish Outlook. The EUR is very Weak with a Potential to Turn Up and the JPY is Weak with a Potential to turn Up, so both the Cross may drag the EURJPY nowhere until there is a Clear Break.
BULLS: 10975 10900 10830 BEARS: 11125 11200 11260
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13020 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13160 holds and Daily Trend is also Sideways while 13325 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gave up mildly 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, 13110-60 are the Critical levels to watch to watch to maintain the Bearish Outlook. The GBP is Flat with an Upside Bias and the JPY is Weak with a Potential to turn Up, so both the Cross may drag the GBPJPY Higher but Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8200 which was UNCHANGED from the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 5 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8080 holds and Daily Trend is also Sideways while 7945 holds, so expect the Price to be Choppy until Breakout. 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, 8155-8080 are the Critical levels to watch to watch to maintain the Bullish Outlook. The AUD is very Weak with a Potential to Turn Up and the JPY is Weak with a Potential to turn Up, so both the Cross may drag the AUDJPY nowhere until there is a Clear Break.
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Today's Strategies: Get the full report by visiting Precise Trader for a Free Trial.