The EURJPY has a bullish momentum yesterday but found a good resistance around the upper line of the symmetrical triangle as you can see on my h4 chart below. As long as price moves inside the triangle the bias remains neutral and need a clear break from the triangle to see clearer direction. A clear break above the triangle and 112.50 resistance area could trigger further bullish pullback testing 113.40 but as long as price moves below 113.40 I still prefer a bearish scenario. On the downside, a clear break below the triangle and 110.64 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 as price could be in a consolidation/sideways mode between 113.40 – 109.45.
The GBPJPY had bullish momentum yesterday but again found a good resistance around 127.00 – 128.18 area, which remain a good place for a short position at this phase with a tight stop loss above 128.18. Immediate support which is also the nearest bearish target is seen around 126.60. A clear break below that area could trigger further bearish pressure testing 125.95 support area. The major scenario remains bearish but would need a clear break below 125.95 to continue the bearish scenario retesting 124.85.
The AUDUSD had a significant bullish momentum yesterday and now seems ready to make another retest of 1.0770/90 key resistance area. The bias is bullish in nearest term but note that overall price is still in a consolidation/sideways mode between 1.0770/90 – 1.0500 and I think the best strategy is to short around 1.0770/90 or long around 1.0500 with tight stop loss. I still prefer a bearish scenario at this phase but a clear break above 1.0770/90 could trigger further bullish pressure testing 1.0887 even retesting 1.1010 all time high.
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