EURJPY Forecast

The EURJPY made a significant bullish momentum yesterday, broke above 113.00, topped at 113.99 and closed at 113.72. The bias is bullish in nearest term targeting 114.90. Immediate support at 113.00 (former resistance). Break below that area could lead us to neutral zone in nearest term as direction would become unclear and activate my wait and see mode.

GBPJPY  Forecast

The GBPJPY continued its bullish momentum yesterday, topped at 132.64 and closed at 131.93 but traded lower earlier today in Asian session, hit 131.24. The bias is neutral in nearest term but I still prefer a bullish scenario at this phase as long as price stays above 129.30 key support area. Immediate support at 130.40. From medium term outlook as you can see on my h4 chart below, looks like price is likely to move in wide range area between 129.30 – 134.20 in nearest future  and need a clear break on either side to see clearer direction. Medium/long term bullish scenario would have further validation by a clear break above 134.20.

AUDUSD Forecast

The AUDUSD had a bearish momentum yesterday, bottomed at 0.9876 and closed at 0.9910. The bias is bearish in nearest term re-testing 0.9800 key support area but note that overall price still trapped in range area of 1.0020 – 0.9800 and I think the best intraday strategy remains to short around 1.0020 or long around 0.9800 as we have the best risk-reward ratio there. I still prefer a bearish scenario at this phase but we need a clear break from the range area to see clearer direction and might need to wait until next week to see that happen.

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