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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 31 March 2011 06:27
EURJPY
EURJPY closed @ 11710 which was ABOVE the open and breached the previous day's high. The High was 10 pips from 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 Mildly Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 11775 holds and Daily Trend is Sideways Up while 11485 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 well above the MA's , the Price closed unchanged. The Patterns are suggesting the Bulls are beginning to show signs of weakness. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting lower lows are expected. The 15min time frame, suggesting that the high may have been seen,11760-75 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a mixed bias and the JPY is Flat with a potential to turn down, so JPY may drag the EURJPY lower once the JPY starts to break lower.
BULLS: 11635 11560 11500 BEARS: 11760 11800 11860
Today's Strategies: SHORT near 11740 11760 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13320 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 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Mildly Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 13390 holds and Daily Trend is Turning Up while 13000 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 mildly above the MA's ,the Bulls gained mildly towards the Close. The Patterns are suggesting that the Bulls are showing signs of weakness . The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting lower lows are expected. The 15min time frame, suggesting that the high may have been seen, 13375-95 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with an upside bias and the JPY is Flat with a downside bias, so the JPY may drag the GBPJPY lower but Cautious approach is needed.
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AUDJPY
AUDJPY closed @ 8560 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Mildly Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 8605 holds and Daily Trend is Limited Up while 8225 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 well above the MA's , the Price closed unchanged . The Patterns are suggesting that the Bulls are showing signs of weakness. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting lower lows are expected . The 15min time frame, suggesting that the high may have been seen, 8585/8605 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 potential to turn down , so both the Cross may drag the AUDJPY lower so the Bulls may have to be Sidelined.
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