The EURJPY had a bearish momentum yesterday, broke below 109.45, bottomed at 108.24 but bounced higher earlier today in Asian session, struggling back around 109.45 region. The bias is bearish in nearest term and 109.45 area seems to be a good place for a short position with a tight stop loss, targeting 106.57. On the upside, another clear break back above 109.45 would lead price to a neutral zone in nearest term testing 110.50/80 and activate my wait and see mode as direction would become unclear but as long as price stays below the trend line resistance I still prefer a bearish scenario.
The GBPJPY had a significant bearish momentum yesterday, bottomed at 123.28 and closed at 123.76. The bias is bearish in nearest term targeting 122.93. Immediate resistance is seen around 124.85. A clear break back above that area would lead price to a neutral zone in nearest term and activate my wait and see mode as direction would become unclear but as long as price stays below the trend line resistance my overall technical bias remains to the downside. However, a further rapid Yen appreciation may trigger another intervention by the Japanese government, which is the only potential bullish warning I can see for now.
The AUDUSD had a bearish momentum yesterday after unable to make a clear break above the 23.6% Fibo retracement of 0.8066 – 1.1079 as you can see on my daily chart below, bottomed at 1.0123 but whipsawed to the upside earlier today in Asian session, hit 1.0300. Overall price is still in a bearish phase since the rapid fall from 1.1079 and the 23.6% Fibo area which is located around 1.0380 seems to be a good place for a short position with a tight stop loss targeting 1.0100. A clear break below that area could trigger further bearish pressure retesting the trend line support and 0.9925.
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