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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 08 February 2011 06:20
EURJPY
EURJPY closed @ 11180 which was ABOVE 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 Within the MA, so CAUTIOUS approach is needed. 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 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 Mixed signals. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a choppy session until the Break, 11230-95 are the Critical levels to watch to maintain the Bearish 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 but may be limited.
BULLS: 11140 11075 11015 BEARS: 11250 11295 11340
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GBPJPY
GBPJPY closed @ 13265 which was ABOVE the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 2 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13200 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 but could not hold till the Close 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, 13230-00 are the Critical levels to watch to maintain he Bullish Outlook. The GBP is Flat with a Mixed Bias and the JPY is Flat with a Mixed Bias, so both the Crosses may drag the GBPJPY nowhere until there is a clear break.
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AUDJPY
AUDJPY closed @ 8345 which was ABOVE 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 Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Limited Up while 8290 holds and Daily Trend is Sideways Up while 8200 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. 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, 8300-8290 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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