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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 11 April 2011 06:16
EURJPY
EURJPY closed @ 12275 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 2 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 12335 holds and Daily Trend is Limited Up while 11885 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 Bulls gave up mildly towards the Close. The Patterns are suggesting the Bulls are approaching the price target. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting a limited upside bias. The Patterns are suggesting a range trading with a potential to turn down soon. The 15min time frame, suggesting a choppy session with a potential to break lower,12225-12120 are the Critical levels to watch to maintain the Bullish Outlook. The EUR is Flat with a limited upside bias and the JPY is Flat with a mixed bias, so JPY & EUR may drag the EURJPY Lower once the EUR breaks lower but Cautious approach is needed.
BULLS: 12225 12165 12120 BEARS: 12335 12375 12435
Today's Strategies: SHORT near 12335 12375 with a tight stop with a 50-80 pips price target.
GBPJPY
GBPJPY closed @ 13885 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at 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 MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Turning Down while 14000 holds and Daily Trend is Limited Up while 13550 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 Bulls gave up most of their gains towards the close. The Patterns are suggesting that the Bulls are showing signs of weakness . The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a limited upside bias. The Patterns are suggesting a range trading with a potential to break lower. The 15min time frame, suggesting a choppy session with a potential to break lower, 13960-14000 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a mixed bias and the JPY is Flat with a mixed bias, so the GBP & JPY may drag the GBPJPY lower once anyone of the Cross breaks lower.
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AUDJPY
AUDJPY closed @ 8955 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at 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 Turning Bearish and the Price is Mildly Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 9005 holds and Daily Trend is Limited Up while 8675 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 Bulls 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 a limited Upside bias. The Patterns are suggesting a range trading with a potential to turn down soon . The 15min time frame, suggesting a choppy session with potential to break lower, 8985/9005 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a limited upside bias and the JPY is Flat with a mixed bias , so both the Cross may drag the AUDJPY Lower once any one of the Cross breaks lower.
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