The EURJPY continued its bearish momentum yesterday and hit 99.41 earlier today. The bias is bearish in nearest term testing 99.00. A clear break and daily close below that area could trigger further bearish reversal scenario testing 97.00 area. Immediate resistance is seen around 99.80 – 100.00. A clear break above that area could lead price to neutral zone in nearest term but only a clear break at least above 100.74 would keep the bullish scenario since bounced from 97.02 remains intact.
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term probably with a little bearish intraday bias testing 119.35. Immediate resistance is seen around 120.30 – 120.60. A clear break and daily close above that area could trigger further bullish pressure testing 121.00/50 area. The bullish scenario since the breakout above the trend line resistance remains intact but would need a clear break and daily close above key resistance area 122.62 to resume the bullish scenario. I will stand aside for now.
The AUDUSD attempted to push higher yesterday, topped at 1.0683 but closed lower at 1.0605. The bias is neutral in nearest term but as long as stays above 1.0500 the bullish scenario since the breakout above the ascending triangle should remain intact still testing 1.0751.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.