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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 10 January 2011 06:34
EURJPY
EURJPY closed @ 10730 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 Limited Down while 10865 holds and Daily Trend is Sideways Down while 11075 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend Plunged below the Prior Day' s Low but the Bears gave up mildly towards the Close which signifies some strength. The MA is well above the Price and the Oscillators are suggesting some more Weakness. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session with some pullback high, 10805-65 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 Mixed Bias, so the EUR may drag the EURJPY higher after the EUR breaks higher,
BULLS: 10695 10630 10580 BEARS: 10765 10820 10885
Today's Strategies: LONG @ the Break 10760 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 12925 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at 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 Sideways while 12805 holds and Daily Trend is Sideways Down while 13110 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bulls gained mildly towards the Close which signifies some strength. The MA is Below the Price 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, 12860-05 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 both the Cross may drag the GBPJPY nowhere until there is a Clear Break.
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AUDJPY
AUDJPY closed @ 8280 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8345 holds and Daily Trend is also Sideways while 8110 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 which signifies a Range Trading. The MA is providing some support 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, 8325-45 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is Flat with a Mixed Bias and the JPY is also 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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Today's Strategies: Get the full report by visiting Precise Trader for a Free Trial.