EURJPY Forecast

The EURJPY made a significant bearish move yesterday, broke below 111.60 support area after failed to break above 113.00 resistance area. This fact could trigger further bearish pullback testing 109.50 in nearest term. On the upside, another move above 111.60 could lead us to neutral zone in nearest term and keep the major bullish scenario intact, but I need a clear break above 113.00 to reactivate my bullish mode.

GBPJPY  Forecast

The GBPJPY attempted to push higher yesterday, topped at 132.91 but whipsawed to the downside and closed lower at 131.67. The bias is bearish in nearest term especially if price able to make a strong and clear break below 131.20 targeting 130.40 even the lower line of the range area around 129.30, but note that overall price still trapped in wide range of 133.00 – 129.30. On the upside, we need a clear break below 133.00 to continue the bullish scenario testing 134.20.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday despite broad US Dollar strength and hit 1.0193 earlier today in Asian session. The bias remains bullish in nearest term testing all time high at 1.0256 even looking for a new all time high. However, buyers must be aware of the potential bearish pullback indicated by a rising wedge formation as you can see on my daily chart below, which from another technical perspective could also formed a triple top formation. Immediate support at 1.0075. Break below that area could trigger further bearish pullback testing 1.0020 and bring us closer to the rising wedge bearish scenario.

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