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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 14 April 2011 06:12
EURJPY
EURJPY closed @ 12110 which was UNCHANGED from the open and was within prior day's trading range. The High was 5 pips from 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 Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 12215 holds and Daily Trend is Limited Up while 11845 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is well above the MA's , the Price Closed unchanged . The Patterns are suggesting a range trading until the break. The Hourly time frame, the Price is below the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting a range trading until the break. The 15min time frame, suggesting a choppy session until the break,12160/12215 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: 12000 11935 11850 BEARS: 12135 12215 12275
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GBPJPY
GBPJPY closed @ 13640 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 Bearish but Oversold and the Price is Mildly Below 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 Bulls 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 mildly below 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, 13695-13735 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 @ 8810 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 8860 holds and Daily Trend is Sideways Up while 8565 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is above the MA's , the Bulls 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 downside bias. The Patterns are suggesting a range trading until the break . The 15min time frame, suggesting a choppy session until the break, 8835-55 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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