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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 01 February 2011 06:09
EURJPY
EURJPY closed @ 11235 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Hrly Level and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 11150 holds and Daily Trend is Limited Up while 11050 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s Low but the Bulls gained towards the Close which signifies some strength. The Price is within the MA's and the Oscillators are suggesting some more strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a choppy session until the Break, 11185-50 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a potential to break higher and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY higher once the EUR breaks the R2 level.
BULLS: 11185 11130 11080 BEARS: 11285 11345 11400
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13135 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 13060 holds and Daily Trend is Sideways while 12950 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend was within the Prior Day' s Range but the Bulls gained towards the Close which signifies a Range Trading with some strength. The Price is above the MA's and the Oscillators are suggesting strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting that the downside may be limited, 13080-60 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a potential to break higher and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY Higher once the GBP breaks the R2 level.
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AUDJPY
AUDJPY closed @ 8180 which was ABOVE 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 10 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 8120 holds and Daily Trend is Sideways Down while 8365 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend breached the Prior Day' s low but the Bulls gained towards the Close which signifies a Range Trading with some strength. The Price is within the MA's and the Oscillators are suggesting some more strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 8135-20 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is Flat with an Upside Bias and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY higher once the AUD breaks the R2 level.
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