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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 06 January 2011 06:01
EURJPY
EURJPY closed @ 10945 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Limited Up while 10850 holds and Daily Trend is Sideways while 11110 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend was within the Prior Day' s Range but the Bulls gained towards the Close which signifies some strength. The MA is providing some support and the Oscillators are suggesting a Weak Bulls. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 10895-50 are the Critical levels to watch to maintain he Bullish Outlook. The EUR is Flat with a limited Downside Bias and the JPY is Flat with an Upside Bias, so the both the Crosses may drag the EURJPY nowhere until there is a Clear Break.
BULLS: 10900 10850 10780 BEARS: 10980 11025 11085
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 12915 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Overbought and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Limited Up while 12805 holds and Daily Trend is Sideways while 13110 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend breached the Prior Day' s High and the Bulls were holding till the Close which signifies some strength. The MA is well below the Price and the Oscillators are suggesting a Weak Bulls. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 12860-05 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a Downside Bias and the JPY is Flat with an Upside Bias, so the both the Crosses may drag the GBPJPY nowhere until there is a Clear Break.
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AUDJPY
AUDJPY closed @ 8320 which was ABOVE the open and breached the previous day's high. 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 Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 8340 holds and Daily Trend is Turning Down while 8365 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bulls gained towards the Close which signifies some strength. The MA is providing some support and the Oscillators are suggesting a Weak Bulls. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 8270-20 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is Weak and the JPY is Flat with an Upside Bias, so the both the Crosses 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.