The EURJPY had significant bearish momentum yesterday. On h4 chart below we can see that price violated the triangle to the downside after made a false breakout indicating potential bearish scenario targeting 110.66 and 109.75 area. Immediate resistance at 111.70 area. Break above that area and another movement back inside the triangle could lead us into no trading zone as direction would become unclear.
The GBPJPY attempted to push lower yesterday, but the lower line of the bullish channel did a good job preventing further bearish pressure as price closed higher after failed to break below the bullish channel. The bias is neutral in nearest term. We need a break above the minor trendline resistance (white) to continue the bullish scenario. As long as price move below that trendline, we may see further downside attempt re-testing the lower line of the bullish channel which could be a serious threat to the bullish correction phase. Immediate support at 133.10/20 area. Consistent move below that area could be the end of the bullish correction phase at least testing 130/40 region.
The AUDUSD had a moderate bearish momentum yesterday. The bias is bearish in nearest term but overall the bullish scenario remains intact as long as price stay above 0.8550 region. Immediate support at 0.8710. Consistent below that area could trigger further bearish pressure testing 0.8550 and could be a serious threat to the bullish scenario. Initial resistance at 0.8770/90. Break above that area could trigger further bullish momentum testing 0.8950 even 0.9100 area in longer term.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.