EURJPY Forecast

The EURJPY had another indecisive movement yesterday. The bias remains neutral in nearest term and there are no changes in my technical outlook. Price has been moving sideways this week, probably waiting for the EU economic summit tomorrow as a catalyst for a clearer/bigger movement. Technically 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. The EU summit could create hope and trigger a risk appetite sentiment pushing the Euro stronger at least in short term outlook.

GBPJPY  Forecast

The GBPJPY had a bullish momentum yesterday topped at 122.20 and closed at 121.92. The bias is bullish 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 still testing 119.35. A clear break and daily close above 122.62 could turn my intraday bias to a bullish mode as the double bottom bullish reversal scenario might regain its momentum testing 125.50 even higher.

AUDUSD Forecast

The AUDUSD didn’t make significant movement yesterday. There are no changes in my technical outlook. Price still trapped in range area between 1.0329 – 1.0149. I still prefer a bullish scenario at this phase as a part of the double bottom bullish scenario as you can see on my h4 chart below but need a clear break above 1.0329 to continue the bullish scenario targeting 1.0440. 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.

.