EURJPY Forecast

The EURJPY was indecisive last week. The bias is neutral in nearest term. Overall the bullish intraday phase since bounced from 97.02 remains intact but need a clear break and daily close above 100.74 to keep the bullish scenario strong and reactivate my bullish mode still testing 102.48. Immediate support is seen around 100.00. A clear break below that area could trigger further bearish pressure testing 99.00. The movement can still be tricky now so be patient and don’t rush jump into the market.

GBPJPY  Forecast

The GBPJPY was indecisive last week. The bias is neutral in nearest term but overall price is still in a bullish intraday phase since broke above the trend line resistance testing 122.62 key resistance area. Immediate support is seen around 120.50. A clear break and daily close back below that area could trigger further bearish pullback retesting 119.35 support area.

AUDUSD Forecast

The AUDUSD continued its bullish momentum last week, slipped above 1.0751 major resistance, topped at 1.0793 but corrected lower earlier today, hit 1.0709. The bias is neutral in nearest term but as long as stays above 1.0600 I still prefer a bullish intraday scenario at this phase. On the upside, a clear break and daily close above 1.0793 would give further confirmation to the bullish continuation scenario testing 1.0900 even the record high at 1.1079. On the downside, a clear break and daily close below 1.0600 would stop the current strong bullish intraday outlook even could create a major bearish reversal scenario.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.