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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 26 January 2011 07:04
EURJPY
EURJPY closed @ 11255 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 Hrly Level. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 11160 holds and Daily Trend is Sideways Up while 10960 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior two Day' s Range , the price closed unchanged which signifies a Range Trading. The Price is within the MA's 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, 11205/11160 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a Limited Upside Bias and the JPY is Flat with a Downside Bias, so the both the Crosses may drag the EURJPY nowhere until there is a clear break.
BULLS: 11175 11120 11080 BEARS: 11280 11330 11385
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13010 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 Dly Level. The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 13080 holds and Daily Trend is also Sideways while 12835 holds, so expect the Price to be Choppy until Breakout. The Daily Trend Plunged below the Prior Day' s Low but the Bears gave up mildly towards the Close which signifies a Range Trading. The Price is below the MA's and the Oscillators are suggesting Weakness but may be limited. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the break, 13045-80 are the Critical levels to watch to maintain he Bearish Outlook. The GBP is Flat with a Mixed Bias and the JPY is Flat with a Downside Bias, so both the Crosses may drag the GBPJPY nowhere until there is a Clear Break
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AUDJPY
AUDJPY closed @ 8200 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 2. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. 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 few Day' s Range ,the Bears 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, 8225-80 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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