EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 111.81 but closed higher at 112.43, made a Doji on daily chart indicates indecisive movement. The bias is neutral in nearest term as price still trapped in range area of 113.00 – 111.60 but still with more upside bias. There are no changes in my daily technical outlook and waiting for another correction near 111.60 support area to go long is the best intra-day plan I can think of. Another good buying opportunity could be provided by a clear break above 113.00, which could lead us to further bullish continuation targeting 114.90 area. On the downside, a break below 111.60 would lead us to neutral zone and activate my wait and see mode.

GBPJPY  Forecast

The GBPJPY had a significant bearish momentum yesterday after a bad UK GDP data, bottomed at 129.62 and closed at 129.99. The bias is bearish in nearest term and a bad GDP can be a serious threat to the technical bullish outlook, but aggressive traders can still long around 129.30 area with tight stop loss due to a good risk-reward ratio there still targeting 133.00. A clear break below 129.30 could be a beginning of a bearish reversal scenario testing 127.50 and 125.50 support area.

AUDUSD Forecast

The AUDUSD was volatile but indecisive yesterday, made a Doji on daily chart. There are no changes in my daily technical outlook and strategies as price still trapped in range area of 1.0020 – 0.9800 and aggressive traders can still short around 1.0020 or long around 0.9800 with tight stop loss, trying to take advantage of this sideways market. We need a clear break on either side to see clearer direction. I still believe that price is in a big bearish correction scenario and prefer a bearish outlook but as always, I will react to any facts and real price actions in the market, regardless of my expectation.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.