EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 108.07 but closed higher at 108.93 and keep moving higher around 109.50 area (23.6% Fibo retracement of 114.14 – 108.07) at the time I wrote this comment earlier today in Asian session. On h1 chart below we can see price is moving in a new minor bullish channel indicating potential upside correction but the main scenario remains to the downside. Consistent move above 109.50 area could trigger further upside recovery testing 110.40 region (38.2% Fibo retracement of 114.14 – 108.07). On the downside we need a consistent move below 108.83 to continue the major bearish scenario towards 106.00 and 104.00 region.

GBPJPY Forecast

The GBPJPY was indecisive yesterday. Price slipped above 133.20 but unable to stay consistently above that area so far. We are still in the bullish correction phase and only a violation to the bullish channel and movement below 129.89 could be seen as the end of the bullish correction and continue the major bearish scenario at least testing 126.75 region. Consistent move above 133.20 area could trigger further bullish correction testing 136.24 area.

AUDUSD Forecast

The AUDUSD had a bearish momentum yesterday, bottomed at 0.8095 but traded higher earlier today in Asian session around 0.8140 area at the time I wrote this comment. The bias is neutral in nearest term but still within a major bearish scenario especially if price able to break below 0.8070 – 0.8000 area, which is a key support area at this phase. Immediate resistance at 0.8275. Break above that area could trigger further bullish pressure testing 0.8550 region.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.