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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 16 March 2011 05:44
EURJPY
EURJPY closed @ 11300 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 50 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Bearish but Weak and the Price is Mildly Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 11390 holds and Daily Trend is Limited Up while 11105 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's , the Bears gave up mildly towards the close. The Patterns are suggesting a Range trading with a mild downside bias. The Hourly time frame, the Price is mildly below the MA's and the Oscillators are suggesting some weakness but may be limited. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggests a choppy session until the break, 11350-90 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a mixed bias and the JPY is Flat with a mixed bias, so both the Crosses may drag the EURJPY nowhere until there is a clear break. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 11250 11185 11100 BEARS: 11350 11400 11450
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GBPJPY
GBPJPY closed @ 12975 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 25 pips from Precise Trader's Sup Zone 10. The Hourly Oscillators are Bearish but Weak and the Price is Mildly Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 13085 holds and Daily Trend is Limited Down while 13390 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is below the MA's ,the Bears gained aggressively towards the Close. The Patterns are suggesting lower lows are expected but may be limited. The Hourly time frame, the Price is mildly below the MA's and the Oscillators are suggesting limited downside. The Patterns are suggesting a Choppy session until the break. The 15min time frame, suggests a choppy session until the break, 13030-85 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a limited downside bias and the JPY is Flat with a mixed bias, so both the Crosses may drag the GBPJPY nowhere until there is a clear break. 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 @ 8000 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 55 pips from Precise Trader's Sup Zone 10. The Hourly Oscillators are Bearish but Oversold and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Down while 8110 holds and Daily Trend is Sideways Down while 8265 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is well below the MA's , the Price plunged below the open but the Bears gave up mildly towards the close. The Patterns are suggesting a reversal down has happened. The Hourly time frame, the Price is well below the MA's and the Oscillators are suggesting some weakness but may be limited. The Patterns are suggesting a Range trading until the break. The 15min time frame, suggesting a choppy session until the break, 8040/8110 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 the both the crosses may drag the AUDJPY nowhere until there is a clear break. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
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