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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Monday, 23 May 2011 06:10
EURJPY
EURJPY closed @ 11570 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 PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Mildly Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 11650 holds and Daily Trend is also Limited Down while 12050 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is within the MA's , the Bears gained towards the Close. The Patterns are suggesting a Range trading until the break. The Hourly time frame, the Price is mildly below the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting a range trading until the break and Wave 5 in progress. The 15min time frame, suggesting Choppy session with a limited downside,11600-50 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Weak with a downside bias and the JPY is Flat with a mixed bias, so the EUR may drag the EURJPY lower 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: 11465 11385 11345 BEARS: 11610 11675 11725
Today's Strategies: LONG near 11465 11435 with a tight stop with a 35-50 pips price target.
GBPJPY
GBPJPY closed @ 13260 which was UNCHANGED from the open and was within prior day's trading range. The High was PRECISELY at 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 Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13170 holds and Daily Trend is Limited Down while 13715 holds, so expect the Price to be Choppy until Breakout. The Daily time frame ,the Price is within the MA's ,the Price closed unchanged 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 and Corrective Wave is in progress. The 15min time frame, suggesting a choppy session until the break , 13205/13170 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 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 @ 8710 which was UNCHANGED from 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 Tgt 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 8745 holds and Daily Trend is Limited Down while 8965 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is within the MA's , the Price closed unchanged 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 downside 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, 8735-45 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is weak with a downside bias and the JPY is Flat with a mixed bias , so the AUD may drag the AUDJPY lower but Cautious approach is needed. The Opening Price Principles suggesting that AUD is weak against six crosses so the Bulls may have to be Sidelined and High-Low time does not give us good signals.
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