The EURJPY failed to continue its bullish momentum yesterday on broad Japanese Yen strength, bottomed at 108.68 but bounced higher earlier today hit 109.53. The bias is neutral in nearest term but overall I still prefer a bullish scenario at this phase and any downside pullback now is normal and only a clear break and daily close below the trend line support (red) and 108.50 could be a threat to the bullish outlook. Immediate resistance is seen around 110.00. A clear break above that area could trigger further bullish pressure testing 110.50 – 111.58. Potential range is seen between 111.58 – 108.50.
The GBPJPY failed to continue its bullish bias yesterday, bottomed at 130.74 and but traded higher earlier today hit 131.63. The bias is bearish in nearest term testing 130.50 – 130.00 area but any downside pullback now is normal and as long as stays above 130.00 I still prefer to buy on dips. Immediate resistance is seen around 132.00. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish outlook remains strong. Price has been moving sideways in range area of 133.50 – 130.00 in the last two weeks and need a clear break from the range area to see clearer direction.
The AUDUSD was indecisive yesterday made a Doji on daily chart. The bias is neutral in nearest term but overall I remain bearish on this pair still testing 1.0300 – 1.0200. Immediate resistance is seen around 1.0450. A clear break above that area could trigger further bullish pullback testing 1.0500 region.
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