EURJPY Forecast

The EURJPY was volatile but indecisive yesterday and now traded above 108.33 indicates potential further bullish consolidation in the last day of 2010 testing 108.85 and 109.50. Overall we are still in major bearish scenario and only a clear break above 109.50 could be a threat to the bearish outlook. On the downside, another move below 108.33 could trigger further bearish attempt testing 107.30 and keep the bearish scenario remains strong. Happy New Year! May we all have a more profitable year.

GBPJPY  Forecast

The GBPJPY continued its bearish pressure yesterday, slipped below 126.10 and hit 125.48. We are in critical technical point now, where further bearish scenario is potential, targeting 124.50 area in nearest term, even lower. On the upside, immediate resistance at 126.50. Break above that area could lead us to neutral zone in nearest term as price may consolidate in the last day of 2010. Happy New Year! May we all have a more profitable year.

AUDUSD Forecast

The AUDUSD was indecisive yesterday, made a Doji on daily chart. This Doji makes me look at the other Doji on November 05, where price made a big downside correction after touched the all time high at 1.0182 as you can see on my daily chart below. Will it be the same scenario this time? No one can tell but it is potential, even with a double top bearish scenario which could create further downside scenario lower than 0.9536 from a long term outlook. Very tempting scenario don’t you think? The bias is neutral in nearest term. Clear break above 1.0182/90 could trigger further bullish momentum aiming for 1.0277 new historical high projection and may cancel the double top bearish reversal scenario. Immediate support at 1.0100. Break below that area could be an early validation of a double top bearish reversal scenario. Happy New Year! May we all have a more profitable year.

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