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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 02 February 2011 06:22
EURJPY
EURJPY closed @ 11250 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 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 Up while 11185 holds and Daily Trend is Limited Up while 11050 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 mildly 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, 11200-11185 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 potential to break lower, so the EUR may drag the EURJPY higher once the EUR breaks the R2 level but may struggle as the JPY is moving in the opposite direction.
BULLS: 11240 11195 11130 BEARS: 11300 11345 11400
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13130 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 Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13085 holds and Daily Trend is also Sideways while 12950 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the but the Price Closed unchanged which signifies a Range Trading until the Break. The Price is mildly above 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, 13100/13085 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 potential to break lower, so both the crosses may drag the GBPJPY nowhere until there is a clear break.
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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 Tgt 2 and the Low was 10 pips from Precise Trader's Sup Zone 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 8160 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 High but the Bulls gave up mildly towards the Close which signifies a Range Trading with some strength. The Price is mildly above 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, 8180-60 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 Downside Bias, so the AUD may drag the AUDJPY higher once the AUD breaks the R2 level but cautious approach is needed as the JPY is moving the Opposite Direction.
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