The EURJPY attempted to push lower yesterday, but closed significantly higher at 121.33 after found a good support around 119.30. This fact keeps us in sideways outlook from h4 chart point of view, indicates consolidation phase but still within a context of major bullish scenario. The bias is neutral in nearest term. Immediate support at 120.20. A clear break below that area would change the intraday bias to bearish retesting 119.30. Immediate resistance remains around 121.20/40. A clear break above that area could create some upside pressure testing 122.59 but only a clear break above 122.59 could end the current bearish correction phase.
The GBPJPY attempted to push lower yesterday, bottomed at 135.27 but whipsawed to the upside and closed higher at 136.93. The pair was traded lower at the time I wrote this comment around 135.90, change my intraday bias back to bearish still targeting 135.00. Overall price still trapped in range area of 139.67 – 135.00 and a clear break below 135.00 would lead us to a new bearish outlook at least testing 133.50. On the upside, immediate resistance at 136.30. A clear break above that area would lead us to neutral zone in nearest term testing 137.00/50 resistance area.
The AUDUSD had a bullish momentum yesterday, topped at 1.0549 and closed t 1.0543. The bias remains bullish in nearest term testing 1.0581. A clear break above that area could trigger further upside momentum targeting new all time high projection around 1.0700. However, as you can see on my h1 chart below, the rising wedge formation is still a threat to the current bullish outlook. A clear break below the wedge and 1.0500 – 1.0450 support area could trigger downside pullback testing 1.0330 area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.