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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 07 February 2011 06:54
EURJPY
EURJPY closed @ 11165 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Hrly Level and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 11295 holds and Daily Trend is Turning Down while 11400 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, 11215-95 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a potential to break lower and the JPY is Flat with a Mixed Bias, so the EUR may drag the EURJPY lower once the EUR breaks the S2 level but may struggle as the JPY is moving in the opposite direction.
BULLS: 11140 11075 11015 BEARS: 11240 11275 11340
Today's Strategies: SHORT near 11240 11275 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13235 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was 10 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish but Weak and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 13145 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 Bulls gained mildly towards the Close which signifies a Range Trading until the Break. The Price is above the MA's and the Oscillators are suggesting some strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the break, 13180-45 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a Limited Upside and the JPY is Flat with a Mixed Bias, so the GBP may drag the GBPJPY lower once GBP breaks Lower.
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AUDJPY
AUDJPY closed @ 8335 which was ABOVE the open and breached the previous day's high. The High was 10 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 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 8250 holds and Daily Trend is Sideways Up while 8100 holds, so expect the Price to be Choppy until Breakout. 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 Weakness. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 8290-50 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is Flat with a potential to Turn Down and the JPY is Flat with a Mixed Bias, so the AUD may drag the AUDJPY Lower once the AUD breaks the S2 level but cautious approach is needed as the JPY is moving the Opposite Direction.
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