EURJPY Forecast

The EURJPY was volatile but indecisive yesterday, formed a Doji on daily chart. The bias is neutral in nearest term but still within a context of bullish scenario especially if price able to make another strong break above 113.00 targeting 114.90 this week. On the downside, immediate support remains around 111.60. Break below that area could diminish the bullish outlook and activate my wait and see mode.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term but overall I still prefer a bullish scenario. On h4 chart below we can see price still trapped in range ara of 129.30 – 133.00 and need a clear break on either side to see clearer direction. Now price is moving in the middle of the range area, giving us a bad risk-reward ratio and I will stand aside for now. Aggressive traders can long around 130.40 with stop below 129.30 while conservative traders can long around 129.30 with smaller stop loss and the same target around 133.00.  Price has been consolidating for about four weeks now and I am expecting a strong break on either side.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday, topped at 1.0147 and closed at 1.0104. The bias remains bullish in nearest term re-testing all time high at 1.0182 and 1.0256. Immediate support at 1.0075 followed by 1.0020. Looks like the bullish momentum is very strong now, aiming for new historical highs but technically we may have a triple top formation scenario and from a long term outlook, a big bearish correction remains possible and interesting.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.