EURJPY Forecast

The EURJPY had a significant bearish momentum yesterday, bottomed at 107.89 and now testing the trend line support as you can see on my daily chart below. The bias is bearish in nearest term but area around the trend line support is a good place for a long position targeting 111.58 with a tight stop loss if break below the trend line support and 107.50 level. A clear break and daily close below the trend line support could be a threat to the bullish outlook testing 105. 60 support area.

GBPJPY  Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 130.24 but closed higher at 131.07. The bias is neutral in nearest term and overall price still trapped in range area between 130.00 – 133.50 and need a clear break from the range area to see clearer direction. As long as stays above 130.00 I still prefer to buy on dips. Immediate resistance is seen around 131.50. A clear break above that area could trigger further bullish pressure testing 132.00.

AUDUSD Forecast

The AUDUSD didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 1.0200. Immediate resistance is seen around 1.0350. A clear break above that area could lead price to neutral zone in nearest term testing 1.0400 but overall I remain bearish on this pair.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.