The EURJPY was indecisive yesterday but we had some bearish pressure earlier today in Asian session and price is now back below 113.50. The way I see it, it is a false breakout which potentially trigger a bearish pressure testing the trendline support (white) and 111.60/50 support area especially if price consistently move below 112.70/60 support area. However from a longer term perspective this fact lead us back into range and neutral area of 113.50 – 108.07.
The GBPJPY had a bearish momentum yesterday, back below the range area and keep moving lower earlier today in Asian session. We have a false breakout scenario here which usually trigger a bearish pressure testing 133.70 area even could push price lower testing 130.50 in longer term. Only another movement above 136.30 could potentially continue the bullish correction scenario.
The AUDUSD had a moderate bullish momentum yesterday, topped at 0.9042 and closed at 0.9003. The main scenario remains bullish but as long as we have the rising wedge formation I will keep out from the market. The rising wedge formation is a bearish warning that I don’t want to ignore. Immediate resistance which also the nearest term bullish targets is seen at 0.9070 and 0.9135 area. On the downside, initial support remains at 0.8858.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.