The EURJPY attempted to push lower after break below the triangle yesterday, bottomed at 109.89 but found a good support at the trendline support (yellow) as you can see on my h4 below, and closed higher at 110.55. The bias is neutral in nearest term but this fact could trigger further upside rebound testing 111.70 region in nearest term. We need a break below the trendline support to continue the bearish scenario targeting 108.07 area.
The GBPJPY attempted to push lower yesterday but failed to consistently move below the bullish channel. The bias is neutral in nearest term but this fact should keep the bullish correction intact. We also have an ascending triangle formation, which is a bullish pattern especially if price able to break above the triangle and 136.40 area targeting 139.50 region. Note that we still need a clear break below the bullish channel to end the bullish correction phase testing 130.50 and 126.75 region. As long as the bullish channel hold, I prefer a bullish scenario in nearest/medium term.
The AUDUSD attempted to push lower yesterday, bottomed at 0.8661 but closed higher at 0.8738. This fact should keep the bullish scenario intact and strong especially if price able to break above the minor trendline resistance (red) targeting 0.8950 even 0.9100 in longer term. Immediate support at 0.8661 followed by 0.8550.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.