Daily Forecast for Crosses: January 15

 @ibtimes
on January 14 2010 10:05 PM

EURJPY Forecast

The EURJPY attempted to push higher yesterday, topped at 133.62 but whipsawed to the downside, bottomed at 131.71 and closed at 132.22. This fact should keep my bearish scenario intact testing 131.30 area. Break below 131.30 should trigger further bearish momentum targeting 130.00. Immediate resistance at 132.50.

GBPJPY Forecast

The GBPJPY made indecisive movement yesterday. On daily chart below we can see that price actually still consolidating in a triangle formation. I think we are in no trading zone for now and I prefer to wait for further development. We need a break from the triangle to see clearer direction. CCI is heading down on daily chart suggesting potential downside pressure testing the lower line of the triangle. Break below the triangle should be see as bearish confirmation targeting 145.98 area. Immediate resistance at 149.50 – 150.00 area.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday. However, as you can see on h4 chart below, price seems to have a good resistance around 0.9325 area, which is a potential top at this phase, a good place to short targeting 0.9170 with a tight stop loss above 0.9325 area. Break above 0.9325 area should trigger a significant bullish momentum targeting 0.9404 area.

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