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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 18 January 2011 06:29
EURJPY
EURJPY closed @ 10990 which was BELOW the open and breached the previous day's low. The High was 15 pips from 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 Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 11065 holds and Daily Trend is Sideways Up while 10780 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 and High & Low were both within and Lower which signifies some more Weakness. The Price is within the MA and the Oscillators are suggesting Weakness. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that Lower lows are expected, 11040-65 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a Weak Bias and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY Lower once the EUR pulls Down.
BULLS: 10915 10870 10820 BEARS: 11000 11050 11100
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13135 which was UNCHANGED from 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 Limited Up while 13060 holds and Daily Trend is Sideways Up while 12875 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend was within the Prior Day' s Range ,the Price Closed Unchanged and High& Low were both within the Prior Day's which signifies a Range Trading until the Break. The Price is within the MA and the Oscillators are suggesting Mixed picture. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 13080-60 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 has reversed Down.
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AUDJPY
AUDJPY closed @ 8220 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 Below the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 8245 holds and Daily Trend is Turning Down while 8365 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range ,the Bulls gained mildly towards the Close and High & Low were both within the prior Day's which signifies a Range Trading. The Price is below the MA and the Oscillators are suggesting some Weakness. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 8245-65 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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