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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 07 December 2010 06:06
EURJPY
EURJPY closed @ 11000 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 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 11120 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 and the Bears gained mildly 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, 11050-11120 are the Critical levels to watch to watch to maintain the Bearish Outlook. The EUR is mildly Strong with an Upside Bias and the JPY is also mildly strong but may be limited, so both the Cross may drag the EURJPY Higher once the EUR and JPY reverses direction.
BULLS: 10950 10885 10830 BEARS: 11025 11095 11130
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12990 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 Tgt 1. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 13085 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 and the Bears gained mildly towards the Close which signifies a Range Trading. The MA is suggesting a Downside Bias and the Oscillators are suggesting the same but may be limited. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 13045-85 are the Critical levels to watch to watch to maintain the Bearish Outlook. The GBP is mildly Strong with an Upside Bias and the JPY is also mildly strong but may be limited, so both the Cross may drag the GBPJPY Higher once the GBP and JPY reverses direction.
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AUDJPY
AUDJPY closed @ 8185 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 Tgt 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8235 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 and 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, 8200-35 are the Critical levels to watch to watch to maintain the Bearish Outlook. The AUD is Flat with a Mixed Bias and the JPY is also mildly strong but may be limited, so both the Cross may drag the AUDJPY nowhere until there is a Clear break.
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