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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 17 February 2011 07:14
EURJPY
EURJPY closed @ 11355 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 1 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 while 11280 holds and Daily Trend is Sideways Up while 11145 holds, so expect the Price to be Choppy until Breakout. The Daily Trend breached the Prior Day' s High , the Bulls were holding till the Close which signifies some strength. The Price is mildly 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, 11305/11280 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with an upside bias and the JPY is Flat with a Potential to Turn Down, so EUR may drag the EURJPY Higher but Cautious approach is needed.
BULLS: 11285 11205 11160 BEARS: 11425 11485 11525
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13470 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 Hrly Level. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 13540 holds and Daily Trend is Sideways Up while 13145 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range, the Bears gained mildly towards the Close which signifies some 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 Choppy session until the Break, 13525-40 are the Critical levels to watch to maintain he Bearish Outlook. GBP is Flat with an Upside Bias and the JPY is Flat with a potential to Turn Down, 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 @ 8395 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was 10 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 8310 holds and Daily Trend is also Sideways while 8230 holds, so expect the Price to be Choppy until Breakout. The Daily Trend was within the Prior Day' s Range but the Bulls gained 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, 8350-10 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 AUD may drag the AUDJPY Higher but Cautious approach is needed.
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