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).
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.
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.