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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 04 January 2011 05:42
EURJPY
EURJPY closed @ 10920 which was ABOVE the open and breached the previous day's high. The High was 10 pips from Precise Trader's Res Tgt 1 and the Low was 20 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 10830 holds and Daily Trend is also Sideways while 11085 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s High and the Bulls were holding till the Close which signifies some more Strength. The MA is suggesting an 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 the Bulls may try to test the Highs, 10890-30 are the Critical levels to watch to maintain he Bullish Outlook. The EUR is Flat with a Mixed Bias and the JPY is Flat with an Upside Bias, so the JPY may drag the EURJPY Higher but may be Limited so Cautious approach is needed.
BULLS: 10890 10840 10790 BEARS: 11000 11045 11125
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12660 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 15 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 12575 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 Price Closed Unchanged towards the Close which signifies a Range Trading. The MA is suggesting a mild 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 the Bulls need to Crack 12730-70 for further gains, 12605-12575 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a Mixed Bias and the JPY is Flat with an Upside Bias, so the JPY may drag the GBPJPY Higher but may be Limited so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8310 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 Price Closed Unchanged towards the Close which signifies a Range Trading. The MA is suggesting a Range Trading 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 there is a Clear Break, 8260-40 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is Flat with a Mixed Bias and the JPY is Flat with an Upside Bias, so the JPY may drag the AUDJPY Higher but may be Limited so Cautious approach is needed.
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