EURJPY Forecast

The EURJPY had a bullish momentum yesterday after found support around 116.00 – 115.76 and closed above 116.70. This fact keeps the bullish scenario remains strong retesting 117.60 before testing the trend line resistance. CCI in neutral area both on hourly and h4 chart suggests potential downside corrective/sideways movement but remains in bullish area on daily chart. On the downside, only a clear break below 115.76 could be a threat to the current strong bullish intraday bias testing the lower line of the bullish channel but as long as price moves inside the bullish channel my overall intraday bias remains to the upside.

GBPJPY  Forecast

The GBPJPY was indecisive yesterday, moved in a range area between 132.80 – 131.80. The bias is neutral in nearest term but the fact that price broke below the bullish channel still give us more downside intraday bias especially if price able to make a clear break below 131.80 testing 131.25 – 130.70/20. On the upside, a clear break above 132.80 would be a threat to the bearish scenario testing 133.50 – 134.00 area.

AUDUSD Forecast

The AUDUSD failed to continue its bearish momentum yesterday after unable to make a break below 1.0586 and hit 1.0714 earlier today in Asian session. On hourly chart below we can see price still moving inside a bearish channel since the rejection to move above 1.0756 double top formation suggests the bearish scenario since the fall from all time high 1.1010 remains intact and only a clear break above 1.0756/70 would be a threat to the bearish scenario testing 1.0887 even retesting 1.1010. Immediate support at 1.0650. A clear break below that area would change the intraday bias back to bearish testing 1.0586 and keep the bearish scenario remains strong. Fundamental focus today is on US NFP number which is expected around 194K lower than the previous number at 244K. A worse than expected actual result would support the bearish scenario while a better than expected result could be a threat to the bearish scenario.

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