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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 14 February 2011 06:24
EURJPY
EURJPY closed @ 11305 which was BELOW 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 Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 11350 holds and Daily Trend is Sideways Up while 11085 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior Day' s Range but the Bears gained mildly towards the Close which signifies some more Weakness. The Price is within 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 temporary High may have been seen, 11350-75 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a Limited Upside and the JPY is Flat with a potential to Turn Down, so the both the Crosses may drag the EURJPY Lower so the Bulls may have to be Sidelined,
BULLS: 11240 11190 11160 BEARS: 11300 11350 11400
Today's Strategies: SHORT near 11300 11350 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13355 which was BELOW 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 Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 13460 holds and Daily Trend is Sideways Up while 13120 holds, so expect the Price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily Trend was within the Prior Day' s Range but the Bears gained mildly 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 with some Weakness. The Hourly Trend has been in a Range Trading and the Patterns are suggesting with a potential to break lower, 13410-60 are the Critical levels to watch to maintain he Bearish Outlook. GBP is strong with a potential to turn down and the JPY is Flat with a potential to Turn Down, so both the Crosses may drag the GBPJPY Lower so the Bulls may have to be Sidelined.
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AUDJPY
AUDJPY closed @ 8360 which was UNCHANGED from 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8280 holds and Daily Trend is also Sideways while 8200 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Price closed unchanged towards the Close which signifies a Range Trading until the Break. 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, 8315/8280 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is Flat with a potential to Turn Up and the JPY is Flat with a potential to Turn Down, so both the Crosses may drag the AUDJPY nowhere until there is a Clear Break.
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