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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 28 March 2011 05:51
EURJPY
EURJPY closed @ 11460 which was BELOW 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 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 11360 holds and Daily Trend is Turning Up while 11210 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 mildly towards the Close. The Patterns are suggesting a Range trading until the break. 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, creeping higher but may be limited, 11410/11360 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a downside bias and the JPY is an upside bias, so both the Crosses may drag the EURJPY into Range trading until there is a clear break.
BULLS: 11460 11400 11340 BEARS: 11515 11565 11625
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GBPJPY
GBPJPY closed @ 13050 which was UNCHANGED from 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 Res Zone 1. The Hourly Oscillators are Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Limited Down while 13170 holds and Daily Trend is Turning Up while 12725 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is mildly below the MA's ,the price closed unchanged towards the Close. The Patterns are suggesting that we can expect a Range trading. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting we may see a mild pullback but may be limited, 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 an upside bias , so both the Crosses may drag the GBPJPY into a Range trading until there is a clear break.
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AUDJPY
AUDJPY closed @ 8345 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 Overbought and the Price is Mildly Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Limited Up while 8295 holds and Daily Trend is Sideways Up while 8150 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily time frame ,the Price is mildly above the MA's , the Bulls gained towards the Close. The Patterns are suggesting that the Bulls may have reached critical levels expect some pullback. 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 turn down soon, 8300/8280 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 an upside bias , so the AUD may drag the AUDJPY lower after the AUD breaks lower.
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