The EURJPY made another volatile but indecisive movement yesterday, made a Doji on daily chart. The bias is neutral in nearest term. My overall intraday bias remains to the upside but note that price is now in a critical technical point and the current bullish intraday bias found a good resistance at the trend line resistance (white) which keeps the major bearish scenario since the fall from 123.31 intact. If you see the red box in my h4 chart below, we can see price is actually moving in a sideways condition since May 06 with no clear direction. We need a clear break above the trend line resistance and 117.88 resistance area to cancel the bearish scenario and start a new bullish phase testing 119.77 and 123.31. Immediate support remains around 115.80 – 116.00 region. A clear break below that area would stop the current strong bullish intraday outlook and keep the major bearish scenario strong.
The GBPJPY made another volatile but indecisive movement yesterday. The bias is neutral in nearest term and overall we don’t see a trending market in the last two weeks. The falling wedge bullish scenario on hourly chart remains intact but need a clear break above 130.20 key intraday resistance area to continue the bullish correction scenario testing 132.30. On the downside, immediate support at 129.00 followed by 128.60/20 region. A clear break below 128.20 would stop the current bullish correction and continue the major bearish scenario testing 127.77 and 125.95 area.
The AUDUSD failed to continue its bullish intraday momentum yesterday after unable to make a break above 1.0770 resistance area. The bias is neutral in nearest term. My overall intraday outlook remains to the upside but need a clear break above 1.0770 to continue the bullish scenario testing 1.0877 and 1.1010 all time high. A quick look at the h4 chart below reveals that price has been moving in a sideways condition since fall from the all time high. Immediate support is seen around 1.0600. A clear break below that area would be a threat to the current strong bullish intraday outlook testing 1.0500.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.