The EURJPY had another indecisive movement yesterday. The bias remains neutral in nearest term. From another technical perspective as you can see on my h4 chart below, price is moving inside an ascending triangle formation which suggests a potential upside pullback testing the trend line resistance especially if price able to make a clear break above the triangle and 111.04 key intraday resistance. On the downside, we need a clear break back below 109.45 to continue the major bearish scenario as the ascending triangle bullish scenario would have failed.
The GBPJPY had a moderate bearish momentum yesterday. The bias is neutral in nearest term but price has been making lower highs in the last three days after found a resistance around the trend line resistance, which keep the major bearish scenario intact, still testing 124.85 as nearest target. Immediate resistance is seen around 126.28 (current high). A clear break above that area could trigger further bullish pullback retesting the trend line resistance and 127.00/30 area but as long as price stays below the trend line resistance I still prefer a bearish scenario at this phase.
The AUDUSD failed to continue its bullish intraday bias yesterday, broke below the minor bullish channel as you can see on my hourly chart below. This fact stops the bullish intraday outlook and may create a bearish one, testing 1.0380 – 1.0300 area. However I think price is still in a wide range of 1.0600 – 1.0300 and considering risk – reward aspect, I can only see a reasonable intraday plan by short around 1.0600 or long around 1.0300. Until we have a clear break from either side, my overall technical bias remains unclear and I am still in wait and see mode.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.