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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 28 January 2011 07:23
EURJPY
EURJPY closed @ 11390 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are showing Bearish Divergence and the Price is Within the MA, so Bulls book your profit or remain Sidelined. Hourly Trend is Turning Down while 11420 holds and Daily Trend is Sideways while 11045 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 few Day' s High , the Bulls were holding till the Close which signifies some strength but it is trading in critical levels. The Price is mildly above the MA's and the Oscillators are suggesting a potential Reverse. The Hourly Trend has been in a Range Trading and the Patterns are suggesting lower lows are expected, 11400-20 are the Critical levels to watch to maintain the Bearish 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 break but we may see some downward pressure.
BULLS: 11315 11275 11215 BEARS: 11370 11420 11485
Today's Strategies: SHORT near 11370 11400 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13205 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 Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 13270 holds and Daily Trend is Sideways while 12930 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 but the Bulls gave up partially towards the Close which signifies some Weakness. The Price is within the MA's and the Oscillators are suggesting Weakness. The Hourly Trend has been creeping lower and the Patterns are suggesting a Choppy session until the break, 13240-70 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 @ 8225 which was ABOVE the open and breached the previous day's high. 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 8260 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 few Day' s Range ,the Bulls gave up mildly towards the Close and High & Low were both within the prior Day's which signifies a Range Trading. The Price is mildly below the MA's and the Oscillators are suggesting Weakness. The Hourly Trend has been creeping lower and the Patterns are suggesting a Choppy session until the Break, 8230-70 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 but we may see some downward pressure.
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