The EURJPY bullish correction was stopped on Friday bottomed at 97.19 and hit 97.02 earlier today in Asian session. The bias is bearish in nearest term testing 96.00 even 95.00 support area this week. Immediate resistance is seen around 97.65. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 99.00 my overall technical bias remains strongly to the downside and only a movement back above 100.74 would stop the current strong bearish intraday outlook.
The GBPJPY had another indecisive movement on Friday, made another Doji on daily chart. The bias remains neutral in nearest term but my overall technical bias remains to the downside testing 116.82. Immediate resistance is seen around 118.00. A clear break above that area could trigger further bullish pullback testing 118.65 – 119.35 but as long as stays below 122.62 I still prefer a bearish scenario at this phase with sell on rallies strategy.
The AUDUSD attempted to push lower on Friday, bottomed at 1.0231 but whipsawed to the upside, closed higher at 1.0324. The bias remains neutral in nearest term. As long as moves inside the ascending triangle formation as you can see on my h4 chart below the overall intraday bias should remain to the upside but we haven’t seen convincing bullish momentum since three weeks ago. I will keep stand aside for now. On the upside, we need a clear break and daily close above the triangle and 1.0385 to continue the bullish scenario testing 1.0500 – 1.0600 area. Immediate support remains around 1.0250/30. 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. A clear break and daily close below the triangle would stop the bullish outlook and potentially continue the bearish reversal scenario since hit the all time high six months ago.
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