EURJPY Forecast

The EURJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but as long as stays below 100.74 I remain bearish on this pair. Immediate resistance is seen around 98.50. A clear break above that area could trigger further bullish pullback testing 99.00 resistance area. Immediate support remains around 97.80. A clear break below that area could trigger further bearish pressure testing 97.00 support area and keep the major bearish scenario remains strong.

GBPJPY  Forecast

The GBPJPY had another insignificant movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term but as long as stays below 122.62 my overall intraday bias remains to the downside. Immediate resistance is seen around 119.35/50. A clear break and daily close above that area could trigger further bullish pullback testing 120.00/50. Immediate support is seen around 118.50. A clear break below that area could trigger further bearish pressure testing 117.75 – 116.82 support area.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 1.0350 but closed lower at 1.0296. The bias is neutral in nearest term. From another technical perspective as you can see on my h4 chart below, price is moving inside an ascending triangle formation suggests a bullish outlook especially if price able to make a clear break above the triangle and 1.0385 resistance area at least testing 1.0500 – 1.0600. On the other hand, a clear break below the triangle and 1.0100 would give another chance for the bearish reversal scenario after hit the all time high five months ago. Immediate support remains around 1.0250. A clear break and daily close below that area could trigger further bearish pressure testing 1.0144 and the lower line of the ascending triangle.

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

.