The EURJPY bearish momentum was stopped yesterday, topped at 106.67 and closed at 106.24 after found a good support around 105.60. The bias is neutral in nearest term. Price is still in a bearish correction phase after the break below the trend line support but would need a clear break and daily close below 105.60 to continue the bearish scenario. Immediate resistance is seen around 107.50. A clear break and daily close above that area could be a threat to the current bearish correction phase and lead price to a wide sideways condition between 105.60 – 111.58.
The GBPJPY bearish momentum was stopped yesterday, topped at 129.17 and closed at 128.96. The bias is bullish in nearest term but as long as stays below 130.00, price is still in a bearish correction phase. Immediate support is seen around 128.50. A clear break below that area could trigger further bearish pressure testing 127.85. A clear break and daily close below 127.85 could trigger further bearish scenario testing 126.70 – 125.50 area.
The AUDUSD had a bullish momentum yesterday, topped at 1.0331 and hit 1.0383 earlier today. The bias is bullish in nearest term but the current bullish momentum should be seen just as a normal corrective move and overall I still prefer to sell on rallies. Immediate resistance is seen around 1.0400. A clear break and daily close above that area would postpone the bearish scenario and turn my nearest term technical bias to a bullish view testing 1.0600 area. Immediate support is seen around 1.0350. A clear break below that area could lead price to neutral zone in nearest term but would need a clear break and daily close at least back below 1.0300 to keep the bearish scenario remains strong retesting 1.0200 support area.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.