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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 25 January 2011 05:47
EURJPY
EURJPY closed @ 11255 which was UNCHANGED from the open and breached the previous day's high. 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 Bullish but Overbought and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Limited Up while 11195 holds and Daily Trend is Sideways Up while 11085 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 gave up most of their gains towards the Close and High & Low were both higher than the prior Day's which signifies a Range Trading. The Price is Above the MA's and the Oscillators are suggesting a Limited Upside. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 11205/11195 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with an Upside Bias and the JPY is Flat with an Upside Bias, so the both the Crosses may drag the EURJPY nowhere until there is a clear break.
BULLS: 11230 11170 11120 BEARS: 11305 11365 11435
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13195 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 Zone 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 13125 holds and Daily Trend is also Sideways while 12960 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gave up mildly towards the Close and the High and Low were within the Prior Day's which signifies a Range Trading. The Price is within the MA's 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, 13140-25 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with an Upside Bias and the JPY is Flat with an Upside Bias, so both the Crosses may drag the GBPJPY nowhere until there is a Clear Break
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AUDJPY
AUDJPY closed @ 8230 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 8280 holds and Daily Trend is also Sideways 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 but gave up mildly towards the Close and High & Low were both within the prior Day's which signifies a Range Trading. The Price is within the MA's 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, 8255-80 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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