EURJPY Forecast

The EURJPY had a moderate bearish pressure on Friday, but so far still unable to break below 108.33 support area. We are still in the rising wedge strong bearish scenario but need a clear break below 108.33 to continue the bearish pressure targeting 107. 30. Immediate resistance at 109.50. Clear break above that area could trigger further upside momentum testing 110.10/70.  We have only a few days left before entering a new year and some upside consolidation may occur.

GBPJPY  Forecast

The GBPJPY continued its bearish pressure and keep moving below 128.00 indicates further bearish pressure is still potential especially if make a clear break below 127.44 targeting 126.50. On the upside, another move back above 128.00 could lead us to neutral zone in nearest term testing 128.74 but overall we are still in strong bearish scenario of the double top formation.

AUDUSD Forecast

The AUDUSD slipped below 1.0000 earlier today in Asian session but so far still maintain its strong bullish bias, hit 1.0046. The bias remains bullish in nearest term with 1.0090 as the nearest bullish target before testing 1.0182 all time high. Immediate support at 0.9987 (current low). Break below that area could lead us to neutral zone in nearest term as direction would become unclear but only a break below the trend line support could be a threat to the bullish outlook.

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

.