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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 16 February 2011 06:49
EURJPY
EURJPY closed @ 11300 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 Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 11250 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 was within the Prior few Day' s Range but the Bulls gained towards the Close which signifies some more strength. The Price is above the MA's and the Oscillators are suggesting more strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session with a potential to break higher, 11270-50 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is mildly strong with an upside bias and the JPY is Flat with a mixed bias, so EUR may drag the EURJPY Higher but Cautious approach is needed.
BULLS: 11270 11205 11160 BEARS: 11350 11405 11460
Today's Strategies: LONG @ the Break 11350 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13510 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 3 and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 13400 holds and Daily Trend is also Sideways Up while 13225 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend Rallied above the Prior Day' s High, the Bulls were holding till the Close which signifies some more strength. The Price is well above the MA's and the Oscillators are suggesting more strength. The Hourly Trend has been in a Range Trading and the Patterns are suggesting a Choppy session until the Break, 13455-00 are the Critical levels to watch to maintain he Bullish Outlook. GBP is mildly strong with an Upside Bias and the JPY is Flat a mixed bias, so GBP may drag the GBPJPY Higher but Cautious approach is needed as the Price is trading at critical levels.
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AUDJPY
AUDJPY closed @ 8345 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 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 8310 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 Bears gave up mildly 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 with a potential to break higher, 8310/8280 are the Critical levels to watch to maintain he Bullish Outlook. The AUD is mildly strong with a potential to turn up and the JPY is Flat with a mixed bias, so AUD may drag the AUDJPY Higher but Cautious approach is needed.
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