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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 05 January 2011 06:57
EURJPY
EURJPY closed @ 10915 which was UNCHANGED from the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 11025 holds and Daily Trend is also Sideways while 11110 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s High but the Bulls gave up all their gains towards the Close which signifies some Weakness. The MA is suggesting a Choppy session and the Oscillators are suggesting a Downside Bias. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 10965-11025 are the Critical levels to watch to maintain he Bearish Outlook. The EUR is Flat with a Downside Bias and the JPY is Flat with a Mixed Bias, so the both the Crosses may drag the EURJPY nowhere until there is a Clear Break.
BULLS: 10860 10790 10760 BEARS: 10960 11025 11085
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12785 which was ABOVE the open and breached the previous day's high. The High was 15 pips from Precise Trader's Res Tgt 3 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 12675 holds and Daily Trend is also Sideways while 12965 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s High but the Bulls gave up partially towards the Close which signifies some Weakness. The MA is providing support with a Mixed Bias and the Oscillators are suggesting Weakness. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 12730-12675 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 a Mixed Bias, so the both the Crosses may drag the GBPJPY nowhere until there is a Clear Break.
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AUDJPY
AUDJPY closed @ 8245 which was BELOW the open and breached the previous day's low. The High was 10 pips from 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 while 8290 holds and Daily Trend is Turning Down while 8365 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s Low but the Bears gave up mildly towards the Close which signifies a Range Trading. The MA is providing Resistance and the Oscillators are suggesting a Downside Bias. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 8290-8335 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is Flat with a Limited Downside Bias and the JPY is Flat with a Mixed Bias, so the both the Crosses may drag the AUDJPY nowhere until there is a Clear Break.
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