The EURJPY attempted to push lower on Friday, bottomed at 112.58 but closed higher at 113.50. The bias remains neutral in nearest term. We are still in upside correction scenario as price still moving inside the bullish channel but price is making lower highs from 114.73 indicating a weak bullish pressure so far. Consistent move below 112.70 support area could trigger further bearish pressure testing 112.02 and the lower line of the bullish channel. On the upside, we need a clear break above the minor trendline resistance (blue) to continue the upside correction scenario testing 115.50.
The GBPJPY was indecisive on Friday. On h1 chart below we can see price is now making a new bearish channel after unable to break above 137.70/50 region which is a potential top at this phase. The bias is neutral in nearest term. Immediate support at 135.50 followed by 134.25. On the upside, a violation to the minor bearish channel could trigger further upside pressure testing 137.70/50. Consistent move above that area could continue the bullish correction phase testing 139.50 area.
The AUDUSD didn’t make significant movement on Friday. In fact, price has been indecisive since Tuesday last week. This is what usually happen when we have a rising wedge formation, consolidation in narrow range. The bias remains neutral in nearest term but the major bullish scenario remains intact. Immediate support at 0.9130. Break below that area could be considered also as break below the rising wedge which could trigger further downside scenario testing 0.9040 before testing 0.8858. On the upside, we need a break above 0.9220 to continue the bullish pressure testing 0.9324 area.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.