The EURJPY had a significant bullish momentum yesterday and now testing 115.80 resistance area. The bias is bullish in nearest term especially if price able to make a clear break above 115.80 – 116.00 targeting 116.70 – 117.00 and the trend line resistance (white). However as long as price stays below the trend line the bearish scenario since the fall from 123.31 should remain intact and I still prefer a bearish scenario at this phase. Immediate support at 115.00. A clear break below that area would change the intraday bias back to bearish retesting 114.00 and 113.40 key support area.
The GBPJPY failed to continue its bearish momentum yesterday, topped at 129.52 and closed at 129.09. As long as price stays below 130.20 I still prefer a bearish scenario at this phase. However, as you can see on my hourly chart below we have a falling wedge bullish formation which can be a threat to my bearish outlook especially if price able to make a clear break above the wedge and 129.50 resistance area testing 130.20. A clear break above 130.20 would stop my bearish outlook and might change the technical bias back to bullish. Immediate support at 128.70. A clear break below that area could trigger further bearish pressure still testing 127.77 as the nearest bearish target.
The AUDUSD attempted to push lower yesterday, bottomed at 1.0389 but whipsawed to the upside and closed higher at 1.0462. The bias is neutral in nearest term but overall my intraday bias remains strongly to the downside and only a clear break back above 1.0500 could stop my strong bearish intraday outlook, lead us to a neutral zone again and reactivated my wait and see mode. Immediate support at 1.0435. A clear break below that area could trigger further bearish attempt retesting 1.0388 before targeting 1.0200.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.