EURJPY Forecast

The EURJPY made another volatile but indecisive movement yesterday. The bias is neutral in nearest term. Overall I still prefer a bearish scenario at this phase especially if price able to make a clear break below 115.00 – 114.80 testing 114.00 and 113.40 support area. Immediate resistance remains around 115.80 – 116.00 and only a clear break above that area would be a threat to my bearish outlook testing 117.80 and the trend line resistance (white).

GBPJPY  Forecast

The GBPJPY had a bearish momentum yesterday after another rejection to move consistently above 130.20 resistance area and now testing 128.90 (June 20 high). A clear break below 128.90 area could continue the bearish scenario testing 127.77 and 125.95 this week. Immediate resistance at 129.50. A clear break above that area would lead us to neutral zone in nearest term but as long as price stays below 130.20 I still prefer a bearish scenario at this phase.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 1.0649 but whipsawed to the downside and hit 1.0531 earlier today in Asian session. Overall I still prefer a bearish scenario since the fall from 1.1010 all time high but price has been consolidating in range area and need a clear break below 1.0500 to continue the bearish scenario targeting 1.0388 and 1.0200. Aggressive traders can still long around 1.0500 with tight stop loss as a clear break below 1.0500 could trigger further bearish scenario and reactivated my bearish mode. Immediate resistance at 1.0600. A clear break above that area would reopen the door for a retest of 1.0770 and keep price a little bit longer in this current sideways movement.

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

.