EURJPY Forecast

The EURJPY didn’t make significant movement yesterday but corrected higher earlier today in Asian session hit 97.75. The bias is neutral in nearest term but my overall technical outlook remains to the downside. Any upside pullback now is normal and I still prefer to sell on rallies. Immediate resistance is seen around 98.00. A clear break and daily close above that area could trigger further bullish pullback testing 99.00 but only a clear break back above 100.74 would stop the current bearish intraday outlook. On the downside, we need a clear break and daily close below 97.00 to continue the bearish scenario testing 96.00 – 95.00 area.

GBPJPY  Forecast

The GBPJPY was indecisive yesterday. The bias is neutral in nearest term but my overall technical bias remains strongly to the downside as long as stays below 119.35 still testing 116.82 support area. A clear break and daily close back above 119.35 could trigger further bullish pullback but only a clear break and daily close back above 122.62 would stop the current bearish outlook.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday, topped at 1.0336 and slipped above the ascending triangle and 1.0385 key resistance area earlier today in Asian session. The bias is bullish in nearest term and this fact could be an early breakout signal targeting 1.0500 – 1.0600. Immediate support is seen around 1.0300. A clear break below that area could lead price to neutral zone in nearest term but only a break below the ascending triangle would be a threat to the current bullish outlook.

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

.