The EURJPY continued its bullish momentum yesterday, topped at 127.54 and closed at 127.48. The bias is bullish in nearest term with 128.80 as technical target. Immediate support at 126.96. Break below that area could lead us into no trading zone testing 125.95 area but that should only be seen as a corrective move and I still prefer a bullish scenario at this phase.
The GBPJPY continued its bullish momentum yesterday. As you can see on my daily chart below, price is now testing the major trendline resistance indicating critical technical phase. Break above the trendline resistance confirms the bullish reversal scenario at least targeting 144.70 even 145.85. Immediate support at 142.50/00 area. Break below that area should keep the long term bearish scenario intact but the bullish pressure still far from being over.
The AUDUSD had a bullish momentum yesterday, topped at 0.9216 and closed at 0.9206. However, actually we have no significant technical movement yet so I will keep stay away from this pair. We need a clear break above the descending broadening formation to continue the bullish scenario. Immediate resistance at 0.9250. Break above that area could trigger further bullish momentum testing 0.9326 and may confirm the bullish continuation. Initial support at 0.9150/30. Break below that area could trigger further bearish momentum back towards 0.9040 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.