EURJPY Forecast

The EURJPY continued its bearish momentum yesterday after failed to break above 109.50, bottomed at 107.61 and closed at 108.04. The bias is bearish in nearest term targeting 107.30 even 106.25 support area. Immediate resistance at 108.33. Break above that area could lead us to neutral zone in nearest term with 109.50 resistance area to be re-tested but I still prefer a bearish scenario.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum yesterday, bottomed at 126.10 and closed at 126.62. The bias remains bearish in nearest term especially if price make another break below 126.10 targeting 125.30 area. Immediate resistance at 127.50. Break above that area could lead us to neutral zone in nearest term but the major scenario remains strongly bearish and I still prefer a bearish scenario at this phase.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 1.0151 but closed lower at 1.0091 on broad Dollar strength. We are in critical technical/psychological area where price is now targeting long time high at 1.0182. Long term traders may look for a potential double top bearish scenario around 1.0182 with a big downside target but limited risk ( I personally very interested in doing that) while it’s a good idea for intra-day traders to stand aside until next year before jump into the market. Immediate support at 1.0087 (current low). Break below that area could trigger further bearish pullback testing 1.0000 – 0.9987 support area but nearest term bias remains bullish as long as price moves inside the bearish channel.

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