EURJPY Forecast

The EURJPY had a significant bearish momentum yesterday, bottomed at 105.42 but rebound higher traded around 106.70 at the time I wrote this comment.  The bias is neutral in nearest term. Although the main scenario remains bearish, watch out for potential significant upside rebound as price is now rebounding from one of the major supports, 105.50 area. Immediate resistance at 107.30. Break above that area could trigger further upside correction testing 108.25. Below 105.50, next bearish target around 104.63.

GBPJPY  Forecast

The GBPJPY had a significant bearish momentum yesterday, bottomed at 128.76 but rebound higher around 130.12 at the time I wrote this comment. The bias is neutral in nearest term but still within the context of bearish scenario testing 127.63. Immediate resistance at 130.80. Break above that area could lead us into neutral zone but I still prefer a bearish scenario at this phase.

AUDUSD Forecast

The AUDUSD slipped below 0.8858 key support area yesterday but still unable to move consistently below that area so far.  The bias is neutral in nearest term but I believe the major trend is about to change to bearish but need consistent move below the descending triangle and 0.8858 targeting at least 0.8715.  Immediate resistance at 0.8904 (yesterday’s high).

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

.