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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Thursday, 19 May 2011 05:59
EURJPY
EURJPY closed @ 11640 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 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 11540 holds and Daily Trend is Limited Down while 12000 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily time frame ,the Price is within the MA's , the Bulls gained towards the Close. The Patterns are suggesting that a pullback higher is expected but Cautious remains. 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 until the break and Wave 3 in progress. The 15min time frame, suggesting Choppy session until the break and higher highs are expected,11590-40 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 mixed bias, so the EUR may drag the EURJPY higher. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels and High-Low time does not give us good signals.
BULLS: 11600 11565 11500 BEARS: 11685 11745 11805
Today's Strategies: LONG near 11625 11600 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13205 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 5 (U Turn Zone). The Hourly Oscillators are Turning Bullish and the Price is Mildly Above the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways Up while 13115 holds and Daily Trend is Limited Down while 13795 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily time frame ,the Price is below the MA's ,the Bears gave up aggressively towards the close. The Patterns are suggesting a range trading until the break. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting a weak upside bias. The Patterns are suggesting a range trading until the break and Corrective Wave is in progress. The 15min time frame, suggesting a choppy session until the break , 13150-15 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a limited downside bias and the JPY is Flat with a mixed bias, so the both the Cross may drag the GBPJPY nowhere until there is a clear break. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels and High-Low time does not give us good signals.
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AUDJPY
AUDJPY closed @ 8685 which was ABOVE the open and breached the previous day's high. 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 Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 8625 holds and Daily Trend is Limited Down while 8965 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily time frame ,the Price is within the MA's , the Bulls gained towards the Close. The Patterns are suggesting a Range trading until the break. 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 and Corrective Wave is in progress . The 15min time frame, suggesting a choppy session until the break, 8640-25 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is strong with a upside bias and the JPY is Flat with a mixed bias , so the AUD may drag the AUDJPY higher but may be limited. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels and High-Low time does not give us good signals.
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