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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 02 March 2011 08:10
EURJPY
EURJPY closed @ 11275 which was BELOW the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Tgt 2 and the Low was 5 pips from Precise Trader's Sup Zone 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 11340 holds and Daily Trend is Sideways while 11080 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is within the MA's , it was in a Range Trading but the Bears gained mildly towards the Close. The Patterns are suggesting a Range trading until the break. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting some downward pressure. The Patterns are suggesting a Cautious approach is needed as it is trading at critical levels. The 15min time frame, suggests that we may see a pull back up soon, 11325-40 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a Downside Bias and the JPY is Flat with a Mixed Bias, so both the Crosses may drag the EURJPY lower but Cautious approach is needed. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 11250 11215 11165 BEARS: 11310 11365 11425
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPJPY
GBPJPY closed @ 13315 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 20 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Turning Down while 13415 holds and Daily Trend is Sideways Up while 13000 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 time frame ,the Price is within the MA's , it was in a Range Trading but the Bulls gave up partially towards the Close. The Patterns are suggesting a Range trading until the break. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting some downward pressure. The Patterns are suggesting a Cautious approach is needed as it is trading at critical levels. The 15min time frame, suggests a Choppy session until the break, 13370/13415 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a potential to Turn down and the JPY is Flat with a Mixed Bias, so both the Crosses may drag the GBPJPY lower but Cautious approach is needed. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
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AUDJPY
AUDJPY closed @ 8295 which was BELOW 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 Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 8355 holds and Daily Trend is Sideways Up while 8100 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is within the MA's , it was in a Range Trading but the Bears gained towards the Close. The Patterns are suggesting a Range trading until the break. The Hourly time frame, the Price is mildly below the MA's and the Oscillators are suggesting some downward pressure. The Patterns are suggesting that lower lows are expected but Cautious approach is needed. The 15min time frame, suggests that we may see a pull back up soon, 8320-55 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a Downside Bias and the JPY is Flat with a Mixed Bias, so both the Crosses may drag the AUDJPY lower but Cautious approach is needed. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
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