The EURJPY made another volatile but indecisive movement yesterday. The bias remains neutral in nearest term. As long as price moves below the trend line resistance, the overall bias should be more to the downside. Immediate support at 109.00. Break below that area could trigger further bearish pressure testing 108.60 – 107.80 support area. On the upside, consistent move above 110.22 and trend line resistance could be a serious threat to the bearish scenario and could be an early signal of a bullish reversal scenario.
The GBPJPY continued its bullish momentum yesterday on a broad Yen weakness but so far still unable to move consistently above 129.30. The bias remains bullish in nearest term but need a clear break above 129.30 to continue the bullish scenario targeting 130.30 in nearest term even higher as my bullish reversal scenario would be validated. Immediate support at 128.50. Break below that area could lead us to neutral zone in nearest term but would keep the major bearish scenario remains strong testing 127.50 – 126.50 support area.
The AUDUSD continued its bearish correction yesterday, slipped below the trend line support as you can see on my h4 chart below. The bias remains bearish in nearest term testing 0.9900 – 0.9860 support area. Immediate resistance at 1.0013 (current high). Break above that area could lead us to neutral zone in nearest term testing 1.0075 – 1.0100.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.