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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 20 January 2011 06:44
EURJPY
EURJPY closed @ 11050 which was UNCHANGED from 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 10950 holds and Daily Trend is also Sideways while 10780 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range and 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 Signals. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 11000/10950 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a Potential to Turn Down and the JPY is Flat with a Mixed Bias, so the both the Crosses may drag the EURJPY nowhere until there is a Clear Signal.
BULLS: 11015 10930 10875 BEARS: 11125 11205 11285
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13120 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 13175 holds and Daily Trend is Sideways Up while 12915 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day' s Low but the Bears gave up mildly towards the Close and the High and Low were Lower than the Prior Day's which signifies a Range Trading with some Weakness. The Price is within the MA and the Oscillators are suggesting more Weakness. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session with a potential to break lower, 13155-75 are the Critical levels to watch to maintain he Bearish Outlook. The GBP is Weak and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Lower but Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8210 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 Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 8275 holds and Daily Trend is Sideways 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 both within the prior Day's which signifies a Range Trading. The Price is Below the MA and the Oscillators are suggesting Weakness. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 8235-75 are the Critical levels to watch to maintain he Bearish Outlook. The AUD is Weak and the JPY is Flat with a Mixed Bias, so AUD may drag the AUDJPY Lower but Cautious approach is needed.
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