The EURJPY attempted to push higher yesterday, topped at 132.59 but the bullish momentum was limited as price closed lower at 132.04. However, the fact that price so far able to stay above 131.75 area should lead us into a new phase of bullish scenario targeting 133.50 area. 131.75 area seems to be a good place for long position with tight stop loss below that level . Good technical set up and risk-reward ratio. Break below 131.75 area should lead us into no trading zone as direction would become unclear for me.
The GBPJPY failed to continue its bullish momentum yesterday. On h4 chart below we can see that price still trapped in range area of 145.65 – 146.85 area. If you notice, I have made some adjustment to my trendline support. For me as long as the pair stay above 145.65 area I still prefer a bullish scenario. The bias is neutral in nearest term and we need a valid break from the range area to see clearer direction.
The AUDUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price had a nice bullish momentum after break above my minor terndline resistance (blue), topped at 0.8991 but bullish momentum was stopped by major trendline resistance (red) and traded around 0.8928 at the time I wrote this comment. This fact bring me to a conclusion that the bullish correction should be over now and price should continue to move in its bigger trend, bearish at least targeting 0.8850 area. Only break above the major trendline resistance should be seen as serious threat to the major bearish scenario.
Forex Trader Library Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.