The EURJPY continued its bullish bias yesterday and now testing 113.40 key resistance area after broke above the symmetrical triangle as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make a clear break above 113.40 testing the trend line resistance (white) and 114.75 resistance area. Aggressive intraday traders can still short around 113.40 due to a good risk – reward ratio there with a tight stop loss as a clear break above 113.40 could continue the bullish intraday pressure. Immediate support is seen around 112.50. A clear break below that area could lead us to neutral zone in nearest term testing 111.45 and keep price is range outlook between 113.40 – 109.45.
The GBPJPY had a significant bullish momentum yesterday and convincingly closed above 127.77 resistance (now support). The bias is bullish in nearest term testing the trend line resistance (red) and 129.40. However note that as long as price moves below the trend line resistance the major bearish scenario remains intact. On the downside, a clear break back below 127.77 would lead us to neutral zone in nearest term and activate my wait and see mode as direction would become unclear, testing 126.99 – 126.60 support area but also could create a false breakout scenario, pushing the pair lower.
The AUDUSD had a significant bullish momentum yesterday, convincingly closed above 1.0790. This fact could trigger further bullish scenario testing 1.0887 and 1.1010 even aiming for new historical highs. Immediate support is seen around 1.0770/90 (former resistance). A clear break below that area would activate my wait and see mode as direction would become unclear.
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