The EURJPY didn’t make significant movement yesterday. The bias is neutral in nearest term. A rising wedge formation usually give more accurate prediction when appear after a bullish running but whatever the condition, it is still a bearish pattern especially if price break below the wedge targeting 109.85. On the upside, 112.80 remains the nearest bullish target. I will keep stand aside for now.
The GBPJPY attempted to push lower yesterday, bottomed at 131.28 but closed significantly higher at 132.07. I still prefer a bullish scenario but like I said, would need a clear break above 133.00 to re-activate my bullish mode targeting 134.20. Any movement back below 132.00 would keep the double top bearish scenario intact with 130.84 as the nearest target.
The AUDUSD slipped above 1.0000 yesterday but failed to consistently move above that area so far. The bias is neutral in nearest term. We are still in critical technical phase here where a consistent move above 1.0000 could cancel the bearish reversal scenario targeting 1.0182 and probably make new historical highs. Immediate support at 0.9900. Break below that area could trigger further bearish pressure testing 0.9800 and could be a threat to the inverse head and shoulders bullish scenario. I will keep stand aside for now.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.