The EURJPY was corrected higher yesterday, topped at 100.29 and closed at 100.15. The bias is neutral in nearest term but as long as stays below 100.74 my overall intraday bias remains to the downside and any upside pullback now is normal. Immediate support is seen around 99.80. A clear break below that area could trigger further bearish pressure testing 99.00 and keep the bearish scenario remains strong. Below 99.00, further downside support is seen around 98.00 – 97.00. On the upside, a clear break above 100.74 would stop my bearish mode testing 102.48 resistance area.
The GBPJPY failed to continue its bearish momentum yesterday, slipped above 120.00 area. The bias is neutral in nearest term. As long as stays below 122.62 I still prefer a bearish intraday scenario at this phase with sell on rallies strategy but a clear movement above 120.00 could trigger further bullish pullback testing 121.00/50 resistance area. Immediate support is seen around 119.70. A clear break below that area could trigger further bearish pressure testing 119.35 – 118.96 and keep the bearish scenario remains strong. The double bottom bullish reversal scenario remains valid but need a clear break above 122.62 to regain its momentum.
The AUDUSD continued its bullish momentum yesterday, topped at 1.0385 and closed at 1.0368. There were some downside pressures earlier today in Asian session hit 1.0321 but my overall intraday bias remains to the upside after the break above the triangle postpone my bearish reversal scenario and activate my bullish intraday mode. The bias remains bullish in nearest term especially if price able to make a clear break above 1.0400 testing 1.0500. Immediate support is seen around 1.0321 (current low). A clear break back below that area could lead price to a neutral zone in nearest term testing 1.0250 but only a clear break and daily close below 1.0200 could stop the current bullish outlook after the breakout above the triangle.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.