EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 103.64 but closed higher at 104.24. The bias is neutral in nearest term but I still prefer a bearish intraday scenario at this phase since the false breakout above 104.95 testing 102.48 even 100.74 support area. On the upside, a clear break and daily close back above 104.95 would stop the current bearish intraday outlook, testing the trend line resistance (white) and 106.50 resistance area.

GBPJPY  Forecast

The GBPJPY had a moderate bearish momentum yesterday, bottomed at 120.95 and closed at 121.28. The bias is neutral in nearest term but as long as stays below 122.62 I still prefer a bearish intraday scenario at this phase with short on rallies strategy testing 119.35 support area. My double bottom bullish reversal scenario remains valid but need a clear break and daily close at least back above 122.62 to keep the bullish reversal scenario strong.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 1.0155 but closed higher at 1.0246. This fact keeps the double bottom bullish scenario remains strong, but note that price has been moving sideways between 1.0329 – 1.0149 since December 01 and need a clear break and daily close above 1.0329 to continue the bullish scenario testing 1.0440 area. On the downside, a clear break below 1.0149 could trigger further bearish pullback testing 1.0080 and reopen the door for further bearish pullback testing 0.9925.

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

.