EURJPY Forecast

The EURJPY failed to continue its bullish correction yesterday after unable to move consistently above 109.20, whipsawed to the downside, bottomed at 107.01, violated the bullish channel to the downside and hit 106.61 earlier today in Asian session. This facts indicate bullish failure and potential bearish continuation testing 105.43. Immediate resistance at 107.65. Break above that area could lead us into neutral zone as direction would become unclear.

GBPJPY Forecast

The GBPJPY attempted to push higher yesterday, topped at 133.60 but whipsawed to the downside, break below the bullish channel, bottomed at 130.63 and now struggling around 130.80 support area. Consistent move below 130.80 could trigger further bearish momentum testing 129.20 as the upside correction phase might be over now. On the other hand, another consistent move above 130.80 could trigger another upside pressure back towards 132.00 area and lead us to neutral zone as direction would become unclear in nearest term but as long as price move inside the major bearish channel the main scenario remains bearish.

AUDUSD Forecast

The AUDUSD failed to continue its bullish momentum yesterday after unable to move above 0.9040, bottomed at 0.8915 and closed at 0.8917. As you can see on my h4 chart below price still move inside the bullish channel so actually the bullish scenario remains intact, but under heavy pressure. Break below the bullish channel could trigger further bearish momentum testing 0.8858 before targeting 0.8870/15 region. Immediate resistance at 0.8966. Break above that area could trigger further upside pressure testing 0.9040.

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

.