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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 08 March 2011 06:31
EURJPY
EURJPY closed @ 11485 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 Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Turning Down while 11620 holds and Daily Trend is Limited Up while 11200 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 Bears gained mildly 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 11460-35 needed to confirm. The 15min time frame, suggests a choppy session until the break, 11535/11620 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: 11455 11380 11330 BEARS: 11530 11600 16665
Today's Strategies: SHORT near 11530 11565 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13325 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 2. 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 13425 holds and Daily Trend is Sideways Up while 13110 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is mildly above the MA's ,the Bears gained towards the Close. The Patterns are suggesting a Range Trading with some Weakness. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting some weakness. The Patterns are suggesting a Choppy session with a potential to break lower. The 15min time frame, suggests that Lower lows are expected, 13380/13425 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a downside 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 @ 8320 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 Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 8405 holds and Daily Trend is also Sideways while 8145 holds, so expect the Price to be Choppy until Breakout. 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 slight weakness. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting a choppy session until the break, 8365/8405 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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