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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Wednesday, 13 April 2011 06:15
EURJPY
EURJPY closed @ 12100 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12240 holds and Daily Trend is Limited Up while 11885 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is well above the MA's , the Bears gave up mildly towards the Close. The Patterns are suggesting a range trading until the break. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a mixed signals. The Patterns are suggesting a range trading until the break. The 15min time frame, suggesting a choppy session until the break,12150/12240 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a limited upside bias and the JPY is Flat with a limited downside bias, so JPY & EUR may drag the nowhere until there is a clear break.
BULLS: 12085 12000 11930 BEARS: 12230 12285 12335
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GBPJPY
GBPJPY closed @ 13590 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Bearish but Oversold and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Down while 13735 holds and Daily Trend is Sideways Up while 13375 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is above the MA's ,the Bears gained aggressively towards the close. The Patterns are suggesting that the Bears are showing signs of weakness . The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a limited downside bias. The Patterns are suggesting a range trading until the break. The 15min time frame, suggesting a choppy session until the break, 13645-13735 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 limited downside, so the GBP & JPY may drag the GBPJPY nowhere until there is a clear break.
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AUDJPY
AUDJPY closed @ 8725 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Bearish but Oversold and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Down while 8860 holds and Daily Trend is Sideways Up while 8565 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is well above the MA's , the Bears gained aggressively but gave up mildly towards the close. The Patterns are suggesting that the Bears are showing signs of weakness. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a limited downside bias. The Patterns are suggesting a range trading until the break . The 15min time frame, suggesting a choppy session until the break, 8785/8860 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is Flat with a mixed bias and the JPY is Flat with a limited downside bias , so both the Cross may drag the AUDJPY nowhere until there is a clear break.
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