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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 10 February 2011 05:44
EURJPY
EURJPY closed @ 11310 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Overbought and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways Up while 11195 holds and Daily Trend is also Sideways Up while 11080 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend breached the Prior Day' s High, the Bulls were holding till the Close which signifies some strength. The Price is above the MA's and the Oscillators are suggesting some more strength but may be limited. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a choppy session a limited Upside, 11260/11195 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a Limited Upside and the JPY is Flat with a Mixed Bias, so the both the Crosses may drag the EURJPY higher but may be limited, so the Bulls may have to be Cautious.
BULLS: 11285 11230 11160 BEARS: 11350 11400 11480
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13260 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 Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 13180 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 gave up partially towards the Close which signifies a Range Trading until the Break. The Price is within the MA's and the Oscillators are suggesting mild strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the break, 13205/13180 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 @ 8335 which was BELOW the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8280 holds and Daily Trend is Sideways Up while 8170 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bears gained towards the Close which signifies a Range Trading with some Weakness. 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, 8290-80 are the Critical levels to watch to maintain he Bullish 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.
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