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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 14 January 2011 06:52
EURJPY
EURJPY closed @ 11065 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 3 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 Turning Down while 11170 holds and Daily Trend is Sideways Down while 11205 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 Rallied above the Prior Day' s High ,the Bulls were holding till the Close and High/Low were both Higher which signifies some strength but it is due for pullback. The Price is well Above the MA and the Oscillators are suggesting the Upside may be limited. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that the Price may have reached its target, 11015-10930 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 has reversed Down.
BULLS: 10985 10930 10885 BEARS: 11045 11075 11125
Today's Strategies: SHORT near 11045 11075 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13115 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 13230 holds and Daily Trend is Sideways Up while 12830 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 gave up mildly towards the Close and High/Low were both Higher which signifies some Weakness. The Price is Above the MA and the Oscillators are suggesting the Upside may be limited. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that the Price may have reached its target, 13060-30 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a potential to turn down and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Lower once the GBP has reversed Down.
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AUDJPY
AUDJPY closed @ 8260 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 PRECISELY at Precise Trader's Sup Zone 1. 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 8300 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 ,the Bears gained mildly towards the Close and High/Low were within the Prior Day's Range which signifies Range Trading with some Weakness. The Price is well Above the MA and the Oscillators are suggesting the Upside may be limited. The Hourly Trend has been Creeping Lower and the Patterns are suggesting Lower Lows are expected, 8305-30 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is Flat with a potential to turn down and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY Lower once the AUD has reversed Down.
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