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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Friday, 20 May 2011 06:46
EURJPY
EURJPY closed @ 11680 which was ABOVE the open and breached the previous day's high. The High was 15 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Mildly Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 11570 holds and Daily Trend is Limited Down while 12000 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's , the Bulls gained mildly towards the Close. The Patterns are suggesting that a pullback higher is expected but Cautious remains. 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 until the break and Wave 4 in progress. The 15min time frame, suggesting Choppy session until the break,11630/11570 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 the EUR may drag the EURJPY 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.
BULLS: 11585 11505 11465 BEARS: 11740 11825 11900
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GBPJPY
GBPJPY closed @ 13250 which was ABOVE the open and was within prior day's trading range. The High was 10 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 Bullish but Weak and the Price is Mildly Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 13160 holds and Daily Trend is Limited Down while 13795 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is mildly below the MA's ,the Bulls gained mildly 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 , 13195-50 are the Critical levels to watch to maintain the Bullish Outlook. The GBP is Flat with a limited upside bias and the JPY is Flat with a mixed bias, so the GBP may drag the GBPJPY 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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AUDJPY
AUDJPY closed @ 8705 which was ABOVE the open and breached the previous day's high. The High was 15 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Mildly Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8625 holds and Daily Trend is Limited Down while 8965 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's , the Bulls gained mildly 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 mixed bias. The Patterns are suggesting a choppy session until the break and Corrective Wave is in progress . The 15min time frame, suggesting a choppy session until the break, 8660-25 are the Critical levels to watch to maintain the Bullish Outlook. The AUD is Flat with a mixed bias and the JPY is Flat with a mixed bias , so the AUD may drag the AUDJPY 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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