The EURJPY was indecisive yesterday, but had a bearish momentum earlier today in Asian session hit 108.91. The bias is bearish in nearest term testing 108.33. Immediate resistance at 109.50. Break above that area could lead us to neutral zone in nearest term testing 110.00/50 resistance area but overall we are still in the rising wedge strong bearish scenario.
The GBPJPY had a significant bearish momentum yesterday after made a strong break below 129.33, bottomed at 128.32 and hit 128.04 earlier today in Asian session. The bias is bearish in nearest term especially if price able to make another strong break below 128.00 targeting 127.00 – 126.50 this week. Immediate resistance at 128.74 (current high). Break above that area could lead us to neutral zone in nearest term testing 129.33 but overall we are still in strong bearish scenario.
The AUDUSD continued its bullish momentum earlier today in Asian session, hit 1.0036. The rising wedge bearish reversal scenario has failed now and we could have a good probability for a bullish continuation targeting all time high at 1.0182. Nearest term bullish target is seen around 1.0090 area. On the downside, another move below 1.0000 could lead us to neutral zone in nearest term. I think we are in a critical phase now and things could be very tricky. After hit all time high at 1.0182, people are thinking about a big downside pullback but the facts now do not support that idea yet. While long term traders may still prefer a short position, intra-day traders must trade what they are seeing now, a strong bullish bias.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.