The EURJPY was corrected lower yesterday and now seems ready to test 109.50 support area, but as long as price stays above 190.50, we are still in a bullish scenario. In fact, although nearest technical bias is bearish, 190.50 is a good level for a long position as the risk-reward ratio is very good there with small stop loss and big potential bullish target at 111.60. However, a clear break below 109.50 could trigger further bearish pressure testing 108.70 and could be a threat to the bullish outlook testing 107.60.
The GBPJPY was indecisive yesterday. The bias is neutral in nearest term but still within the context of a bullish scenario targeting 133.00 this week especially if price able to make another strong break above 131.85 area. Immediate support remains at 130.40. Break below that area could trigger further bearish pullback in nearest term but as long as price stays above 129.30 I still prefer a bullish scenario at this phase.
The AUDUSD was volatile but indecisive yesterday. The bias is neutral in nearest term and I think we are in a no trade zone now. Overall we are still in a bearish correction phase since the pullback from the all time high but still need a clear break below 0.9800 to continue the bearish scenario testing 0.9550 this week. On the upside, key resistance area is seen around 1.0020. A clear break above that area would give further validation to the double bottom bullish scenario re-testing all time high at 1.0182 and 1.0256.
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