EURJPY Forecast

The EURJPY slipped above 113.40 key resistance of Friday but unable to closed above that level and traded lower earlier today in Asian session hit 112.39. The bias is neutral in nearest term. As long as price stays below 113.40 I still prefer a bearish scenario at this phase and the current false break above 113.40 could create a bearish intraday pressure testing the trend line support (red) and 111.45 region. On the upside, only a clear break and daily close above 113.40 could trigger further bullish pressure testing the trend line resistance (white) and 114.75.

GBPJPY  Forecast

The GBPJPY failed to continue its bullish intraday bias on Friday and traded back below 122.77 earlier today in Asian session. My intraday bias is a little bit mess now. Price has been crossing the 127.77 level up and down without clear direction and momentum. As long as price stays below the trend line resistance (red) the bearish scenario should remain intact. Aggressive intraday traders can reactivate their bearish intraday mode as price has back below 127.77 with a tight stop loss above 128.18. Immediate support is seen around 127.00 followed by 126.60. A daily close back below 126.60 would reactivate my bearish intraday mode, testing 125.95 and 124.85.

AUDUSD Forecast

The AUDUSD was indecisive on Friday and unable to make a clear break above 1.0887 resistance area. The bias is neutral in nearest term but unless price makes a daily close back below 1.0770 my overall intraday bias is to the upside. A clear break and daily close back below 1.0770 could trigger a bearish momentum as a false breakout scenario might be produced and could reopen the door for another bearish correction scenario after hit all time high 1.1010 retesting 1.0500 key support area. On the upside, a clear break and daily close above 1.0887 could continue the bullish momentum retesting 1.1010, even aiming for new historical high.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.