EURJPY Forecast

The EURJPY attempted to push higher on Friday, topped at 108.90 but traded lower earlier today in Asian session, hit 107.92. The bias is bearish in nearest term testing 107.30 and 106.25. Immediate resistance at 108.45 (current high). Break above that area could lead us to neutral zone in nearest term re-testing 108.90, but only a clear break above 109.50 could be a serious threat to the current bearish outlook.

GBPJPY  Forecast

The GBPJPY was corrected high on Friday, topped at 126.98 and struggling around 126.50 at the time I wrote this comment, moves in a volatile but ranging market condition since Thursday. This fact should not be a surprise as from a longer term outlook on daily chart price is in critical phase, testing a major support as you can see on my daily chart below. The major scenario remains bearish, but note that the horizontal line could be a potential bottom for now. However, I see no technical bullish reversal signal so far, so I still prefer a bearish scenario at this phase especially if price able to make another strong break below 125.50 targeting 124.50. On the upside, a break above 127.00 could trigger further bullish pullback testing 127.50 which could open the door for further bullish pullback as we have no significant bullish correction since the strong bearish move from the mid of December but until I see a potential bullish reversal signal, I am still in a bearish mode.

AUDUSD Forecast

The AUDUSD continued its bullish momentum on Friday, made a new historical high at 1.0256 and so far still able to move above 1.0182 key level. While a big downside correction scenario may still interested for a long term traders, nearest term bias remains strongly bullish targeting 1.0277 – 1.0300 new historical high projection. Immediate support at 1.0178. Clear break below that area could trigger further bearish pullback testing 1.0100.

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

.