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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 12 January 2011 06:25
EURJPY
EURJPY closed @ 10800 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 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Turning Up while 10680 holds and Daily Trend is Sideways Down while 11025 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend breached the Prior Day' s High and the Bulls were holding till the Close which signifies some strength. The Price is within the MA and the Oscillators are suggesting some Strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a significant Low may have been seen, 10750-10680 are the Critical levels to watch to maintain he Bullish Outlook. The EUR is Flat with mild Strength and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY higher after the EUR breaks higher,
BULLS: 10780 10740 10700 BEARS: 10860 10935 11000
Today's Strategies: LONG near 10780 10740 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 12985 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was 20 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Limited Up while 12895 holds and Daily Trend is Sideways Up while 12700 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 Price is Above the MA and the Oscillators are suggesting some more Strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session with an Upside potential, 12930-12895 are the Critical levels to watch to maintain he Bullish Outlook. The GBP has a mild Strength and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY higher after the GBP breaks higher,
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AUDJPY
AUDJPY closed @ 8215 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 PRECISELY at Precise Trader's Sup Tgt 2. 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 Sideways while 8265 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 some strength. The Price is within the MA and the Oscillators are suggesting some Strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Low may have been seen, 8225-65 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is Flat with mild Weakness and the JPY is Flat with a Mixed Bias, so both the Crosses may drag the AUDJPY nowhere until there is a clear break.
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