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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 07 January 2011 06:40
EURJPY
EURJPY closed @ 10835 which was BELOW the open and breached the previous day's low. The High was PRECISELY at 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 Down while 10915 holds and Daily Trend is Sideways while 11030 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior few Day' s Range but the Bears gained towards the Close which signifies some more Weakness. The MA is providing Resistance and pointing Down 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, 10885-10915 are the Critical levels to watch to maintain he Bearish Outlook. The EUR is Flat with a limited Downside Bias and the JPY is Flat with a Limited Upside Bias, so the both the Crosses may drag the EURJPY nowhere until there is a Clear Break.
BULLS: 10800 10760 10680 BEARS: 10880 10925 10975
Today's Strategies: SHORT near 10880 10915 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 12895 which was BELOW the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from 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 Limited Up while 12775 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 was within the Prior Day' s Range but the Bears gained towards the Close which signifies some more Weakness. The MA is providing Support and Directionless 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, 12840-12775 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 a Limited Upside Bias, so the GBP may drag the GBPJPY Lower after it turns Lower.
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AUDJPY
AUDJPY closed @ 8285 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 15 pips from Precise Trader's Sup Tgt 2. 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 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 few Day' s Range but the Bears gained 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, 8330-65 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 Limited 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.