EURJPY Forecast

The EURJPY attempted to push lower on Friday, slipped below 116.00 but whipsawed to the upside and closed higher at 117.56. The bias is neutral in nearest term. A quick look at h4/hourly chart easily reveals that price still moving in a sideways condition between 117.80 – 116.00 and need a clear break on either side to see clearer direction. I still prefer a bullish scenario at this phase as price still moves inside the bullish channel and CCI seems ready to move above 100 level and expect a clear break above 117.80 testing 118.50 – 119.00 and the trend line resistance area. On the downside, only a clear break below 116.00 – 115.76 could trigger further bearish pullback testing the lower line of the bullish channel and 114.00 support area.

GBPJPY  Forecast

The GBPJPY attempted to push lower on Friday, but closed higher at 131.81 after rejected to make a clear break below 130.70 support area. The bias is neutral in nearest term. On h4 chart below we can see price still moves below the violated bullish channel still suggests more downside intraday bias testing 130.70/20. A quick look at the daily chart easily reveals that price has been moving in a sideways mode between 135.15 – 130.20 since May 03. Immediate resistance at 132.60/80. A clear break above that area would change the intraday bias to bullish testing 134.00 and would be a threat to the intraday bearish bias since the break below the bullish channel. I prefer to stand aside for now. Aggressive intraday traders can short around 132.60/80 or long around 130.20 with tight stop loss.

AUDUSD Forecast

The AUDUSD was volatile but indecisive on Friday, but a disappointing US NFP number created a broad US Dollar weakness and price broke above the bearish channel as you can see on my hourly chart below. This fact is a serious threat to the bearish scenario since the fall from all time high 1.1010 especially if price able to make a clear break above 1.0770 testing 1.0887 even 1.1010. Immediate support at 1.0700 – 1.0650. A clear break below that area could change the intraday bias back to bearish testing 1.0600 even 1.0500 as the bearish scenario should remain intact.

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