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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 21 March 2011 05:56
EURJPY
EURJPY closed @ 11480 which was ABOVE the open and breached the previous day's high. The High was 30 pips from Precise Trader's Res Tgt 3 and the Low was 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 11360 holds and Daily Trend is Turning Up while 10865 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is mildly above the MA's , the Bulls gained aggressively but gave up mildly towards the Close. The Patterns are suggesting the low may been seen , the intervention caused a huge rally. The Hourly time frame, the Price is above the MA's and the Oscillators are suggesting more strength but be weary of some retracement. The Patterns are suggesting a Range trading until the break. The 15min time frame, suggesting a choppy session until the break, 11430/11360 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a limited upside and the JPY is Flat with an Upside bias, so both the Crosses may drag the EURJPY nowhere until there is a clear break.
BULLS: 11420 11335 11235 BEARS: 11560 11615 11680
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GBPJPY
GBPJPY closed @ 13135 which was ABOVE the open and breached the previous day's high. The High was 25 pips from Precise Trader's Res Tgt 2 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 13020 holds and Daily Trend is Turning Up while 12460 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is mildly below the MA's ,the Bulls gained aggressively but gave up mildly towards the Close. The Patterns are suggesting the Low may been seen, the intervention caused a huge rally. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting bullish but be weary of some pullback. The Patterns are suggesting a Range Trading until the break. The 15min time frame, suggests a choppy session until the break, 13080-20 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a mixed bias and the JPY is Flat with an Upside bias , so both the Crosses may drag the GBPJPY nowhere until there is a clear break.
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AUDJPY
AUDJPY closed @ 8055 which was ABOVE the open and breached the previous day's high. The High was 60 pips from Precise Trader's Res Tgt 2 and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 7950 holds and Daily Trend is Turning Up while 7725 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is below the MA's , the Bulls gained aggressively but gave up mildly towards the Close. The Patterns are suggesting that the low may been seen, the intervention caused a huge rally. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting more strength 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, 8015/7950 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is strong and the JPY is Flat with an upside bias , so the both the crosses may drag the AUDJPY higher but Cautious approach is needed.
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