The EURJPY had a bullish pullback yesterday after unable to make a break below 113.40 but 115.00/50 resistance area still hold so far. The bias is bullish in nearest term especially if price able to make a clear break above 115.50 which would be a threat to my bearish intraday outlook. Aggressive intraday traders can short around 115.50 with tight stop loss. On the downside we still need a clear break below 113.40 to continue the bearish scenario after the violation to the bullish channel. Above 113.40 the overall technical bias should remains sideways and another bullish attempt testing the trend line resistance (white) would still wide open.
The GBPJPY was corrected higher yesterday and now struggling around 130.20. The bias is neutral in nearest term. I still prefer a bearish scenario at this phase and think that 130.20 area is a good place for a short position due to a good risk – reward ratio with a tight stop loss above 130.20 at least targeting 129.00 region. A clear break above 130.20 could be a threat to my bearish intraday outlook testing 131.00 – 132.00 region.
The AUDUSD attempted to push lower yesterday, slipped below 1.0500 but again whipsawed to the upside and closed higher at 1.0600. Just like yesterday, another downside pressures were seen during Asian session retesting 1.0500 strong intraday support area. Aggressive traders can long around 1.0500 with tight stop loss as a clear break below that area could continue the bearish scenario since the fall from all time high 1.1010 testing 1.0388 and 1.0200 which would reactivate my bearish mode. However, as long as 1.0500 support hold, price is still in a sideways mode between 1.0500 – 1.0770 and a revisit of 1.0770 is still potential.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.