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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 01 April 2011 07:13
EURJPY
EURJPY closed @ 11770 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 Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 11740 holds and Daily Trend is also Sideways Up while 11525 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily time frame ,the Price is well above the MA's , the Bulls gave up mildly towards the Close. The Patterns are suggesting the Bulls are still strong but approaching price target. The Hourly time frame, the Price is well above the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting higher highs are expected. The 15min time frame, suggesting higher highs are expected but cautious approach is needed,11740-20 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a potential to break higher and the JPY is weak but approaching major resistance, so JPY & EUR may drag the EURJPY higher but Cautious approach is needed.
BULLS: 11800 11750 11700 BEARS: 11910 11965 12025
Today's Strategies: LONG near 11800 11750 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13325 which was UNCHANGED from the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Hrly Level and the Low was 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 13285 holds and Daily Trend is also Sideways Up while 13000 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily time frame ,the Price is above the MA's ,the Price closed unchanged. The Patterns are suggesting that the Bulls are still strong but approaching stiff resistance . The Hourly time frame, the Price is above the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting higher highs are expected. The 15min time frame, suggesting higher highs are expected but cautious approach is needed, 13285-70 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a mixed bias and the JPY is Weak but approaching major resistance, so the JPY may drag the GBPJPY higher but may be limited.
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AUDJPY
AUDJPY closed @ 8585 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 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Limited Up while 8535 holds and Daily Trend is Sideways Up while 8415 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily time frame ,the Price is well above the MA's , the Bulls gained mildly towards the close. The Patterns are suggesting that the Bulls are approaching major resistance. The Hourly time frame, the Price is above the MA's and the Oscillators are suggesting an Upside bias but Cautious approach is needed. The Patterns are suggesting higher highs are expected . The 15min time frame, suggesting that the Bulls may struggle near 8700-50 levels, 8540-35 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 Weak but approaching a major resistance , so the Upside may be limited both the Cross may drag the AUDJPY lower once the AUD or JPY reverses.
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