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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 03 January 2011 06:57
EURJPY
EURJPY closed @ 10860 which was ABOVE 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 1. The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 10900 holds and Daily Trend is also Sideways while 11035 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range and the Bulls gave up mildly towards the Close which signifies some Weakness. 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, 10900-10 are the Critical levels to watch to maintain he Bearish Outlook. The EUR is Weak and the JPY is Flat, so the EUR may drag the EURJPY Lower but may be Limited so Cautious approach is needed.
BULLS: 10790 10730 10665 BEARS: 10830 10895 10935
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12665 which was ABOVE 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 1. The Hourly Oscillators are MIXED and the Price is Below the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12745 holds and Daily Trend is also Sideways while 12900 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range and the Bulls gave up mildly towards the Close which signifies some Weakness. The MA is suggesting a Downside Bias and the Oscillators are suggesting Mixed Signals. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 12720-45 are the Critical levels to watch to maintain he Bearish Outlook. The GBP is Weak and the JPY is Flat, so the GBP may drag the GBPJPY Lower but may be Limited so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8305 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8240 holds and Daily Trend is also Sideways while 8185 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range and the Bulls gave up mildly towards the Close which signifies some Weakness. 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, 8240-00 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is Flat and the JPY is Flat, so both the Cross may drag the AUDJPY nowhere until there is a clear Break.
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