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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 07 March 2011 07:32
EURJPY
EURJPY closed @ 11510 which was UNCHANGED from the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Zone 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 11600 holds and Daily Trend is Sideways Up while 11190 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 above the MA's , the Price closed unchanged towards the Close. The Patterns are suggesting that the high may be seen soon. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting some weakness. The Patterns are suggesting that the high may have been seen , the break of 11480-60 needed to confirm. The 15min time frame, suggests a choppy session until the break, 11560/11600 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a Limited upside bias and the JPY is Flat with a Mixed Bias, so both the Crosses may drag the EURJPY Lower once the EUR or JPY turns lower. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 11480 11405 11350 BEARS: 11535 11575 11625
Today's Strategies: SHORT @ the Break 11465 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13390 which was BELOW 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 PRECISELY at 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 13490 holds and Daily Trend is Sideways Up while 13110 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 mildly above the MA's ,the Bulls tried to push higher but failed and surrendered to the Bears towards the Close. The Patterns are suggesting that it is trading at critical levels. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting some weakness. The Patterns are suggesting that the high may have been seen. The 15min time frame, suggests that Lower lows are expected, 13445-90 are the Critical levels to watch to maintain the Bearish 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 lower once the GBP or JPY breaks lower. 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 @ 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 Tgt 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Turning Down while 8405 holds and Daily Trend is Sideways while 8185 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 Bears gained 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 mixed signals. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting lower lows are expected, 8370-8405 are the Critical levels to watch to maintain the Bearish 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 lower once the AUD or JPY starts to break lower. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
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