The EURJPY was indecisive yesterday. On h4 chart below we can see price is moving inside the symmetrical triangle indicates consolidation. The bias is neutral in nearest term. Potential range is seen between 113.40 – 109.45 but overall as long as price stays below 113.40 I still prefer a bearish scenario. Immediate resistance is seen at the upper line of the triangle and 112.50 area. A clear break above the triangle could trigger further upside pullback testing 113.40 key resistance area. Immediate support is seen at 110.64 (yesterday’s low). A clear break below that area could trigger further bearish pressure testing 109.45 but note that we need a clear break below 109.45 to continue the bearish scenario and any move above 109.45 still hide potential upside pullbacks.
The GBPJPY had a moderate bearish momentum yesterday, bottomed 126.64 but closed a little bit higher at 126.98. The bias remains neutral in nearest term but overall as long as price stays below 127.77 – 128.18 I still prefer a bearish scenario at this phase at least testing 125.95 region. Only a clear break above 128.18 could stop my bearish intraday bias testing the trend line resistance (red).
The AUDUSD attempted to push lower yesterday, bottomed at 1.0559 but whipsawed to the upside and closed higher at 1.0634. The bias is neutral in nearest term and overall price is still in a sideways condition between 1.0770/90 – 1.0500 as you can see on my daily chart below. Immediate support is seen around 1.0600. A clear break below that area could trigger further bearish pressure testing 1.0550 – 1.0500 support area. Immediate resistance is seen at 1.0660. A clear break above that area could trigger further bullish pressure retesting 1.0770/90 key resistance area. I still prefer a bearish scenario at this phase, expecting a huge bearish correction after hit all time high 1.1010.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.