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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 29 March 2011 06:28
EURJPY
EURJPY closed @ 11505 which was ABOVE the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 1 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 Sideways while 11430 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 Bulls gained towards the Close. The Patterns are suggesting a Range trading until the break. The Hourly time frame, the Price is mildly above 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, 11455-30 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a downside bias and the JPY is Flat with a mixed bias, so both the Crosses may drag the EURJPY into a Range trading until there is a clear break.
BULLS: 11435 11400 11340 BEARS: 11535 11600 11625
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GBPJPY
GBPJPY closed @ 13065 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 Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13180 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 mildly below the MA's ,the Bulls gained mildly towards the Close. The Patterns are suggesting that we can expect a Range trading until the break. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting mixed signals. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting a choppy session until the break, 13140-80 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 into a Range trading until there is a clear break.
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AUDJPY
AUDJPY closed @ 8370 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 8425 holds and Daily Trend is Sideways Up while 8180 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 above the MA's , the Bulls gave up mildly 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 within 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, 8415-25 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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