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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 11 January 2011 05:58
EURJPY
EURJPY closed @ 10710 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 PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Limited Down while 10840 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 breached the Prior Day' s Low but the Bears gave up mildly towards the Close which signifies some strength. The MA is providing Resistance and the Oscillators are suggesting some Strength. 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, 10760-10840 are the Critical levels to watch to maintain he Bearish Outlook. The EUR is Flat with a limited Downside Bias and the JPY is Weak but may be limited, so the EUR may drag the EURJPY higher after the EUR breaks higher,
BULLS: 10705 10630 10580 BEARS: 10800 10850 10900
Today's Strategies: LONG @ the Break 10800 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 12880 which was BELOW 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 15 pips from Precise Trader's Hrly Level. 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 Bears gave up mildly towards the Close which signifies some strength. The MA is providing 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, 12825-05 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a Mixed Bias and the JPY is Weak but may be limited, so both the Cross may drag the GBPJPY nowhere until there is a Clear Break.
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AUDJPY
AUDJPY closed @ 8235 which was BELOW 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 2. 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 8265 holds and Daily Trend is Turning Down while 8365 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior Day' s Range but the Bears gave up mildly towards the Close which signifies some strength. The MA is providing Resistance and the Oscillators are suggesting more downside pressure. The Hourly Trend has been marching Lower and the Patterns are suggesting Lower Lows but may be limited, 8210-65 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is very Weak but may be Limited and the JPY is Weak but may be limited, so the AUD may drag the AUD JPY lower but may be limited.
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