EURJPY Forecast

The EURJPY was volatile but indecisive yesterday. The bias remains neutral in nearest term but we are still in bullish correction phase as long as price move inside the bullish channel but need a clear break above the minor trendline resistance (blue) and 114.10 to resume its bullish pressure testing 114.73 and 115.50. Immediate support at 112.70 which is a strong short term support. Break below that area could trigger further bearish momentum testing 111.50 area and could be a serious threat to the upside correction scenario.

GBPJPY Forecast

The GBPJPY slipped below the bullish channel as you can see on my h4 chart below. Although we haven’t see significant bearish pressure so far, this fact is a serious threat to the bullish correction scenario testing 134.50 region as we may have a triple top formation around 137.50/70. Only break above that area could continue the bullish correction testing 139.50.

AUDUSD Forecast

The AUDUSD was indecisive yesterday. One of the nature of price movement inside  the rising wedge formation is the volume is getting smaller, but a break from the formation is become closer and a significant movement will be expected. This condition is boring, I know. But I prefer to trade other pairs. Discipline and patient are more important than any technical/fundamental knowledge. We are still in a major bullish scenario so I am expecting a break above the formation. Expected range at 0.9040 – 0.9220/30.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.