EURJPY Forecast

The EURJPY was volatile but indecisive yesterday, made a Doji on daily chart. Price attempted to push higher but found a resistance around the lower line of the violated bullish channel as you can see on my h4 chart below. The bias is neutral in nearest term. Immediate support at 115.00 – 114.80. A clear break below that area could trigger further bearish momentum testing 114.00 and would reopen the door for another retest of 113.40 key support area. On the upside, a clear break above 115.80 – 116.00 could trigger further bullish scenario testing the trend line resistance (white) and 117.00/80 region which could be a threat to my bearish outlook.

GBPJPY  Forecast

The GBPJPY was indecisive yesterday, made a Doji on daily chart and now still struggling around 130.20 area. There are no changes in my daily technical outlook. Aggressive intraday traders can still short around 130.20 with tight stop loss as a clear break above 130.50 could trigger further bullish momentum testing 131.00 – 132.00 region. On the downside, my nearest bearish target remains around 129.00.

AUDUSD Forecast

The AUDUSD made another volatile but indecisive movement yesterday. There are no changes in my daily technical outlook and overall price still trapped in range area of 1.0770 – 1.0550 for more than a month now. I still prefer a bearish scenario and expect a clear break below 1.0500 to reactivate my bearish mode, but aggressive intraday traders can still long around 1.0500 or short around 1.0770 as we seems to have the best risk – reward ratio there. On the downside, a clear break below 1.0500 could continue the bearish scenario since the fall from all time high 1.1010 testing 1.0388 and 1.0200.

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