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Forecast on JPY Crosses (EURJPY, GBPJPY, AUDJPY)
Written by article default Tuesday, 24 May 2011 06:20
EURJPY
EURJPY closed @ 11520 which was BELOW the open and breached the previous day's low. The High was 30 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Limited Down while 11600 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 but gave up partially 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 to be upside bias. The Patterns are suggesting a range trading until the break and Wave 5 in progress. The 15min time frame, suggesting Choppy session until the break,11570/11600 are the Critical levels to watch to maintain the Bearish Outlook. The EUR is Flat with a mixed bias and the JPY is Flat with a mixed bias, so the both the crosses may drag the EURJPY nowhere until there is 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.
BULLS: 11450 11375 11325 BEARS: 11535 11605 11665
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GBPJPY
GBPJPY closed @ 13220 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 Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 13325 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 Bears gave up partially 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 range trading until the break. The 15min time frame, suggesting a choppy session until the break , 13275/13325 are the Critical levels to watch to maintain the Bearish Outlook. The GBP is Flat with a mixed upside bias and the JPY is Flat with a mixed bias, so both the crosses 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 @ 8615 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 3. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 8710 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 Bears gained 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 weak downside bias. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting a choppy session until the break, 8660/8710 are the Critical levels to watch to maintain the Bearish Outlook. The AUD is strong with a mixed 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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