The EURJPY was recovered higher from a strong bearish momentum on Friday after price unable to make a clear break below 111.60 support area as you can see on my daily chart below, topped at 112.67 and closed at 112.34. The bias is bullish in nearest term testing 113.00 before targeting 114.90. On the downside, only a clear break below 111.60 support area could be a threat to the current strong bullish outlook.
The GBPJPY also recovered higher yesterday and hit 131.95 earlier today in Asian session. The bias is bullish in nearest term still targeting 133.00. Immediate support at 130.40 followed by 129.30. Only a clear break below 129.30 could be a threat to the current strong bullish outlook. However, note that price may still trapped in a range area of 133.00 – 129.30 as you can see on my h4 chart below so having a good risk-reward ratio is absolutely important at this phase.
The AUDUSD had a bullish momentum yesterday and now testing 1.0020 key resistance area as you can see on my daily chart below. The bias is bullish in nearest term especially if price able to make a clear break above 1.0020 targeting 1.0075 and 1.0150/80. Immediate support at 0.9960. Break below that area could trigger further bearish pressure testing 0.9865 and keeps us in a range market between 1.0020 – 0.9800. Aggressive traders can still short around 1.0020 due to a good risk –reward ratio with tight stop loss above 1.0020.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.