EURJPY Forecast

The EURJPY failed to continue its bullish momentum yesterday, bottomed at 102.18 and hit 101.99 earlier today. The bias is neutral in nearest term but as long as stays above the trend line support (blue, see my daily chart below) the overall bullish phase since bounced from 97.02 should remain intact. Broad negative sentiment about the Euro zone fundamental condition may stop the technical bullishness but only a clear break below the trend line support and 100.74 support area would activate my bearish mode. Immediate resistance is seen around 102.50/60. A clear break above that area could trigger further bullish momentum testing 103.00/85 area.

GBPJPY  Forecast

The GBPJPY was indecisive yesterday, made a Doji on daily chart. Price failed to consistently move above the 200-daily-EMA which could create downside rebound in nearest term testing 122.00 support area but as long as stays above 122.00 my overall intraday bias remains to the upside. A clear break and daily close below 122.00 could trigger further bearish pressure testing 121.50 – 121.00 area. On the upside, we need a clear break and consistent movement above 123.20 area to keep the bullish scenario remains strong.

AUDUSD Forecast

The AUDUSD had another volatile but indecisive movement yesterday. There are no changes in my technical outlook and as long as stays above 1.0600 and the trend line support I still prefer a bullish scenario at this phase, still testing 1.0850 – 1.0900. On the downside, a clear break and daily close below the trend line support and 1.0600 could stop the current bullish intraday outlook and change my intraday bias to a bearish mode testing 1.0525/00 area.

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