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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 24 March 2011 06:27
EURJPY
EURJPY closed @ 11400 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 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 11270 holds and Daily Trend is Turning Up while 11055 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is mildly above the MA's , the Bears gained towards the Close. The Patterns are suggesting the Bears may gain in the near term but should be limited. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting downside bias but may be limited. The Patterns are suggesting choppy session until the break. The 15min time frame, suggesting a choppy session until the break, 11450-65 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a limited downside and the JPY is Flat with Mixed bias, so both the Crosses may drag the EURJPY nowhere until there is a clear break.
BULLS: 11380 11300 11250 BEARS: 11450 11505 11575
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GBPJPY
GBPJPY closed @ 13135 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). 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 13220 holds and Daily Trend is Turning Up while 12725 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's ,the Bears gained towards the Close. The Patterns are suggesting that the Bears may gain in the near term but may be limited. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a downside bias 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, 13190/13220 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.
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AUDJPY
AUDJPY closed @ 8195 which was ABOVE 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 PRECISELY at Precise Trader's Sup Tgt 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 8100 holds and Daily Trend is Turning Up while 7835 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's , the Bulls gained 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, 8150-00 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Flat with a potential to turn down 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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