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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 13 January 2011 06:09
EURJPY
EURJPY closed @ 10900 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 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Overbought and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Turning Down while 10965 holds and Daily Trend is Sideways Down while 11025 holds, so expect the Price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily Trend breached the Prior Day' s High ,the Bulls were holding till the Close and High/Low were both Higher which signifies some strength. The Price is Above the MA and the Oscillators are suggesting a weak upside bias. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that the Price may have reached its target, 10830-00 are the Critical levels to watch to maintain he Bullish Outlook. The EUR is Flat with a potential to turn down and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY Lower once the EUR/JPY has reversed Down.
BULLS: 10830 10790 10750 BEARS: 10920 10970 11025
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GBPJPY
GBPJPY closed @ 13085 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 13005 holds and Daily Trend is Sideways Up while 12785 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 ,the Bulls were holding till the Close and High/Low were both Higher which signifies some strength. The Price is Above the MA and the Oscillators are suggesting a weak upside bias. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that the Price may reach its target soon, 13030-05 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a Limited Upside and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Lower once the GBP/JPY has reversed Down.
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AUDJPY
AUDJPY closed @ 8275 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 2 and the Low was 5 pips from Precise Trader's Sup Zone 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 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 breached the Prior Day' s High ,the Bulls were holding till the Close and High/Low were both Higher but within the prior Day's which signifies a Range Trading. The Price is within the MA and the Oscillators are suggesting a weak upside bias. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that the Price may have reached its target, 8320-40 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is Flat with a Mixed Bias 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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