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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 25 March 2011 07:19
EURJPY
EURJPY closed @ 11480 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Tgt 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 11370 holds and Daily Trend is Turning Up while 11130 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 towards the Close. The Patterns are suggesting the Bulls may gain but approaching stiff resistance. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting an upside 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, 11430/11370 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: 11425 11350 11300 BEARS: 11530 11575 11625
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GBPJPY
GBPJPY closed @ 13055 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 PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Mildly Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 13170 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, 13110-70 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 @ 8270 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 2 and the Low was 5 pips from 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 Turning Down while 8305 holds and Daily Trend is Turning Up while 8000 holds, so expect the Price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily time frame ,the Price is within the MA's , the Bulls gained mildly towards the Close. The Patterns are suggesting that the Bulls may have reached critical levels. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting that the upside may be limited. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting a choppy session with a potential to break lower, 8305-15 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a potential to turn down and the JPY is Flat with a mixed bias , so the AUD may drag the AUDJPY lower after the AUD breaks lower.
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