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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 22 March 2011 06:13
EURJPY
EURJPY closed @ 11525 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Mildly Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 11395 holds and Daily Trend is Turning Up while 10965 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is above the MA's , the Bulls gained mildly towards the Close. The Patterns are suggesting the low may been seen but the Price is trading at critical levels. 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 choppy session until the break. The 15min time frame, suggesting a choppy session until the break, 11450/11395 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 Mixed bias, so both the Crosses may drag the EURJPY nowhere until there is a clear break.
BULLS: 11450 11360 11300 BEARS: 11560 11635 11700
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GBPJPY
GBPJPY closed @ 13215 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at 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 13075 holds and Daily Trend is Turning Up while 12715 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's ,the Bulls gained towards the Close. The Patterns are suggesting the Low may been seen but the Price is trading at critical levels. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting bullish but be weary of some pullback. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggests a choppy session until the break, 13160/13075 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a limited upside 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.
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AUDJPY
AUDJPY closed @ 8155 which was ABOVE the open and breached the previous day's high. The High was 10 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at 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 8080 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 but it is trading at critical levels. 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 choppy session until the break. The 15min time frame, suggesting a choppy session until the break, 8095-80 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Flat with a limited upside 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.
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