The EURJPY attempted to push lower yesterday, bottomed at 112.70 but closed higher at 113.53. The bias remains neutral in nearest term but as long as price still move inside the bullish channel, we are still in upside correction phase. Immediate support remains around 112.70. Break below that area could trigger further bearish pressure testing 111.50 and the lower line of the bullish channel. On the upside, clear break above 114.10 and the trendline resistance (blue) could trigger further bullish momentum testing 114.73 before targeting 115.50 region.
The GBPJPY also attempted to push lower yesterday, bottomed at 135.83 but closed higher at 137.01. As you can see on my h4 chart below, the lower line of the bullish channel did a good job preventing further bearish attack, keep the upside correction scenario intact. Immediate support remains at the lower line of the bullish channel and 136.13 (23,6% Fibo retracement of 130.83 – 137.76). Break below that area could be a serious threat to the bullish correction scenario testing 135.13 (38.2% Fibo retracement of 130.83 – 137.76). On the upside, we need a break above 137.76 to continue the bullish correction testing 139.50.
The AUDUSD had a moderate bullish momentum yesterday. The bias remains neutral in nearest term and the major scenario remains bullish, but as long as the rising wedge exist, I will stand aside. I don’t care if it takes a week or even more without a single position. Immediate support at 0.9040. Break below that area will confirm the bearish reversal scenario testing 0.8858 key support area. On the upside, initial resistance which is also the nearest bullish technical target remains around 0.9230 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.