EURJPY Forecast

The EURJPY was volatile but indecisive on Friday. The bias is neutral in nearest term. Overall price is still in a bullish correction phase, testing the trend line resistance and 112.50 region as the ascending triangle bullish scenario remains intact, challenging the trend line resistance and the major bearish outlook, especially if price able to make another bullish momentum above 111.50. Immediate support is seen around 110.50. A clear break below that area could trigger further bearish pressure retesting 109.45.

GBPJPY  Forecast

The GBPJPY slipped below 124.85 on Friday, bottomed at 124.48 but closed higher and back above 124.85. The bias is neutral in nearest term but overall scenario remains to the downside as long as price stays below the trend line resistance. Immediate resistance is seen around 126.00/20. A clear break above that area could change the intraday bias to bullish retesting the trend line resistance and 127.00/30 region. On the downside, a clear break and daily close below 124.85 could create further bearish scenario testing 122.93 region.

AUDUSD Forecast

The AUDUSD had a bullish momentum on Friday and broke above my range area earlier today in Asian session as you can see on my h4 chart below. This fact activates my bullish mode targeting 1.0785 area. Immediate support is seen around 1.0600 – 1.0550. A clear break back below that area could lead price to neutral zone as direction would become unclear.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.