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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 17 March 2011 05:43
EURJPY
EURJPY closed @ 11065 which was BELOW the open and breached the previous day's low. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 25 pips from Precise Trader's Critical Sup. 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 11195 holds and Daily Trend is also Limited Down while 11390 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is below the MA's , the Bears gained aggressively and were holding till the close. The Patterns are suggesting the low may be seen soon. The Hourly time frame, the Price is well below the MA's and the Oscillators are suggesting the weakness may be limited. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggests a choppy session until the break, 1115-95 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a mixed bias and the JPY is strong but be weary of the intervention, so both the Crosses may drag the EURJPY lower but may be limited , so Cautious approach is needed.
BULLS: 10845 10765 10645 BEARS: 11085 11175 11225
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GBPJPY
GBPJPY closed @ 12755 which was BELOW the open and breached the previous day's low. The High was 15 pips from Precise Trader's Res Tgt 1 and the Low was 40 pips from Precise Trader's Sup Tgt 3. 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 12860 holds and Daily Trend is also Limited Down while 13230 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is below the MA's ,the Bears gained aggressively towards the Close. The Patterns are suggesting the Low may be seen soon. The Hourly time frame, the Price is well 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, 12760/12860 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a mixed bias and the JPY is strong but be weary of the intervention, so both the Crosses may drag the EURJPY lower but may be limited , so Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 7830 which was BELOW the open and breached the previous day's low. The High was 25 pips from Precise Trader's Hrly Level and the Low was 50 pips from Precise Trader's Sup Tgt 3. 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 7890 holds and Daily Trend is also Limited Down while 8100 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 Bears gained aggressively towards the close. The Patterns are suggesting that the low may be seen soon. 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, 7835-90 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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