The EURJPY continued its bullish momentum yesterday and now seems ready to test 107.45. The bias is bullish in nearest term. The bearish scenario since the break below the trend line support should remain intact and 107.45 seems to be a good place to sell with tight stop loss targeting 105.60. A clear break above 107.45 would stop the bearish outlook and activate my bullish mode.
The GBPJPY continued its bullish momentum yesterday, topped at 131.17 and closed at 131.05. The bias remains bullish in nearest term testing 131.77 – 132.00 region. Immediate support is seen around 130.40. A clear break below that area could lead price to neutral zone in nearest term testing 130.00 – 129.50 but as long as stays above 129.00 I still prefer a bullish scenario at this phase with buy on dips strategy.
The AUDUSD was indecisive yesterday but overall still able to move below 1.0400 and maintain its major bearish bias. There are no changes in my technical outlook. The bias remains neutral in nearest term but overall I remain bearish on this pair and only a clear break and daily close above 1.0450 would activate my wait and see mode. On the downside, we need a clear break and daily close back below 1.0300 to keep the bearish scenario remains strong testing 1.0200 or lower.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.