Monday, 26 October 2009
USDJPY closed @ 9455 which was BELOW the open and was within prior day's trading range. The High was 30 pips from Precise Trader's Res Zone 1 and the Low was 30 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Turning Bullish and the price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways Down while 9535 holds and Daily Trend is Down while 9670 holds, so expect the price to be Choppy with a Downside bias. The Price Patterns on the Hourly is creeping higher but the signals are not clear, on the 5 min is along the Channel but the upside should be capped to 9535-70 level in order to maintain our bearish outlook. Conservative traders should look to be Sidelined or strictly trade only at Precise Traders Report levels. Aggressive traders should look to do the same or SHORT Cautiously on pull back near 9535- 70 for a quick profit.