EURJPY Forecast

The EURJPY didn’t make significant move yesterday. The bias remains neutral in nearest term but still within a major bearish scenario. Expected range remains at 110.70 – 109/20. Price need to make a clear break below 109.20 to continue the bearish scenario testing 108.07 – 107.30 area. On the upside, a move above 110.70 resistance area could lead us to neutral area in medium term outlook.

GBPJPY Forecast

The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. On h4 below we can see price is making a minor bearish channel inside the major bearish channel which indicate that we are still in convincing bearish scenario. Immediate resistance at 133.73 (yesterday’s high). Break above that area could trigger further upside correction testing 134.50 area but as long as price moves inside the major bearish channel the main scenario remains to the downside with 132.00/50 as the nearest target.

AUDUSD Forecast

The AUDUSD had a bearish momentum yesterday after failed to move consistently above 0.9040, bottomed at 0.8972 and closed at 0.8982. The bias is bearish in nearest term testing 0.8858 but only a clear break below 0.8858 could be a serious threat to the current bullish outlook. On the upside, we still need a consistent move above 0.9040 to continue the bullish scenario testing 0.9145.

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