The EURJPY had a bullish momentum yesterday after able to move consistently above the falling wedge, topped at 112.50 and closed at 112.15. The bias remains bullish in nearest term testing 113.50 area. Immediate support at 112.00 – 111.50 area. Break below that area could lead us into neutral zone and activate my wait and see mode in nearest term but note that the breakout above the falling wedge has confirmed the bullish correction/reversal scenario at this phase.
The GBPJPY slipped above the triangle yesterday but now move back inside the triangle. As you can see on my daily chart below, price is now re-testing the upper line of the triangle. We need a clear break from the triangle to see clearer direction. Break above the triangle could trigger further upside pressure testing 136.00 area. The current bias is more to the upside so I am expecting an upside scenario. On the other hand, a break below the triangle could trigger further bearish pressure testing 131.25.
The AUDUSD continued its bullish momentum yesterday, topped at 0.8790 and closed at 0.8773. The bias remains bullish in nearest term testing 0.8858 area before targeting 0.8930. Price has been moving strong bullish momentum in three consecutive days so any downside pullback should not be a surprise. Immediate support at 0.8700 – 0.8650 area.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.