The EURJPY continued its bearish momentum on Friday after failed to break above 127.88 resistance area, bottomed at 123.86 and closed at 124.42. The bias is bearish in nearest term testing the lower line of the bullish channel but as long as price still move inside the bullish channel the bullish scenario should remain intact. Immediate support at 122.80. Break below that area could be s serious threat to the bullish scenario. Initial resistance at 124.75.
The GBPJPY had a bearish momentum on Friday. On daily chart below we can see that price whipsawed to the downside after made a false breakout above 144.70 and now back below the trendline. This fact lead us into a neutral zone in medium term outlook as price still struggling around the trendline without a clear direction but the nearest bias is bearish testing 139.50 area. Immediate resistance at 141.80 area.
The AUDUSD failed to continued its bullish momentum on Friday. On daily chart below we can see that price is now re-testing the upper line of the broadening formation indicating critical technical phase. Although it’s clear that bullish momentum is losing momentum here, as long as price still move above the formation, the bullish scenario should remain intact and only a consistent movement back inside the formation could be seen as a serious threat to the bullish scenario testing 0.9150 – 0.9090 area. Immediate resistance at 0.9280 area. Break above that area should keep the bullish scenario intact testing 0.9352 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.