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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 08 April 2011 07:36
EURJPY
EURJPY closed @ 12150 which was BELOW the open and was within prior day's trading range. The High was 20 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 3. The Hourly Oscillators are Turning Bullish and the Price is Mildly Above the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Limited Up while 12085 holds and Daily Trend is Sideways Up while 11800 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 Bears gave up mildly towards the Close. The Patterns are suggesting the Bulls are approaching price target. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting higher highs are expected but cautious approach is needed. The 15min time frame, suggesting a choppy session with a potential to break higher,12100/12085 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is strong with an upside bias and the JPY is Flat with a limited upside bias, so JPY & EUR may drag the EURJPY higher but may reverse soon so the Bulls have to be Cautious .
BULLS: 12200 12130 12075 BEARS: 12265 12365 12465
Today's Strategies: LONG near 12200 12175 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13865 which was BELOW the open and was within prior day's trading range. The High was 20 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Hrly Level. The Hourly Oscillators are Turning Bullish and the Price is Above the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways Up while 13805 holds and Daily Trend is also Sideways Up while 13485 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 Bears gave up mildly towards the close. The Patterns are suggesting that the Bulls are still strong but approaching price target . The Hourly time frame, the Price is above the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting a range trading with a potential to break higher but cautious approach is needed. The 15min time frame, suggesting a choppy session until the break, 13810-05 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is strong with a mixed bias and the JPY is Flat with a limited upside bias, so the GBP & JPY may drag the GBPJPY higher but may be limited.
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AUDJPY
AUDJPY closed @ 8890 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bullish and the Price is Mildly Above the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Limited Up while 8800 holds and Daily Trend is Sideways Up while 8685 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 Bears gave up mildly towards the close. The Patterns are suggesting that the Bulls are losing steam and approaching price target. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting an Upside bias. The Patterns are suggesting a range trading until the break . The 15min time frame, suggesting a choppy session with potential to break higher, 8845-00 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is strong with a limited upside bias and the JPY is Flat with a limited upside bias , so both the Cross may drag the AUDJPY higher but the Bulls may have to be Cautious.
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