The EURJPY had another indecisive movement yesterday. There are no changes in my technical outlook and as long as stays below 104.95 I still prefer a bearish scenario at this phase, still testing 102.20 – 100.74. On the upside, a clear break and daily close above 104.95 would turn my intraday bias to a bullish view testing the trend line resistance (white). Short around 104.95 seems to be a good idea at this phase with a tight stop loss. Aggressive traders can reverse position on a clear break above 104.95, at least targeting 106.00/50 area.
The GBPJPY was indecisive yesterday. Price attempted to push higher but still unable to make a break above 122.62 key resistance area. This fact keeps my bearish intraday outlook remains intact and the best intraday plan I am thinking now is short around 122.62 with a tight stop loss as a clear break and daily close above 122.62 not only turn my intraday bias to a bullish view but also would keep the major double bottom bullish reversal scenario strong testing 125.50 even higher. Immediate support is seen around 121.50. A clear break below that area could trigger further bearish pressure testing 121.00 and could reopen the door for another downside pullback testing 120.50 – 119.00 support area.
The AUDUSD continued its bullish momentum yesterday, topped at 1.0329 and closed at 1.0251 on a broad risk appetite sentiment after the joint intervention by China and some developed countries central bank, cutting RRR and swap rate by 50bps. The bias remains bullish in nearest term testing 1.0440 as a part of the double bottom bullish reversal scenario as you can see on my h4 chart below. Immediate support is seen around 1.0184 (current low). A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.0080 my overall intraday bias remains strongly to the upside. On the downside, only a clear break back below 0.9925 could be a threat to the current bullish outlook.
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