The EURJPY failed to continue its bullish momentum yesterday and keep moving in a sideways condition between 117.80 – 116.00. There are no changes in my daily technical outlook and strategy. Aggressive intraday traders still can short around 117.80 or long around 116.00 with tight stop loss. We need a clear break on either side to see clearer direction.
The GBPJPY slipped below the triangle yesterday but bearish momentum was short-lived and now back inside the triangle as you can see on my h4 chart below. A quick look at the weekly candlestick suggests indecisive and insignificant movement since Monday. I still prefer to stand aside until we have a clear break below 130.20 to reactivate my bearish mode testing 129.00 – 128.00. My overall technical bias remains to the downside and only a clear break above 132.28 could be a threat to my bearish intraday outlook.
The AUDUSD had a significant bearish momentum earlier today in Asian session, slipped below 1.0600 and hit 1.0562. The bias remains bearish in nearest term testing 1.0500. Immediate resistance at 1.0600. Another bullish pullback above that area would lead us to neutral zone in nearest term as direction would become unclear but as long as price stays below 1.0660 I still prefer a bearish intraday outlook at this phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.