EURJPY Forecast

The EURJPY had a bearish momentum yesterday, slipped below the rising wedge formation as you can see on my h4 chart below. This fact indicates a bearish scenario targeting 110.50 – 109.85 in nearest term. Immediate resistance at 111.46 (current high). Break above that area could lead us to neutral zone in nearest term testing 111.91 but as long as we have the rising wedge formation, the overall bias remains to the downside.

GBPJPY  Forecast

The GBPJPY had a significant bearish momentum yesterday, slipped below 130.84 and now struggling around that area. The bias remains bearish in nearest term especially if price able to move consistently below 130.84 targeting 130.20 and 129.33. Immediate resistance at 131.50. Break above that area could lead us to neutral zone in nearest term testing 132.00. A break above 132.00 could be a serious threat to the double top bearish scenario.

AUDUSD Forecast

The AUDUSD had a significant bearish momentum yesterday, bottomed at 0.9840 and closed at 0.9870. The inverse head and shoulders bullish formation has no further validation as price failed to stay above 1.0000 area. On the other hand, as you can see on my h4 chart below, we have a rising wedge formation which already violated to the downside indicates potential bearish scenario testing 0.9710 especially if price makes another strong break below 0.9840. Break below 0.9710 would give further validation to the bearish reversal scenario after hit all time high at 1.0182 on November 05 which from longer term time frame outlook could create a big downside correction.

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

.