The EURJPY was volatile yesterday but overall still maintain its bullish intraday bias and now testing the trend line resistance as you can see on my h4 chart below. The bias remains bullish in nearest term. The trend line resistance and 117.88 resistance area could provide a good intraday resistance but a clear break above that area could change the major bias to bullish testing 119.77 even 123.31. Immediate support remains at 115.80 – 116.00. A failure to make a clear break above the trend line resistance a movement back below 115.80 would keep the bearish scenario since the fall from 123.31 remains intact.
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term but overall price is still in a bullish intraday outlook since broke above the falling wedge formation as you can see on my hourly chart below, still testing 130.20 resistance area and I still prefer a bullish intraday outlook at this phase. The major bearish scenario since the fall from 140.00 remains intact and the current bullish intraday outlook should be seen just as a correction moves but would need a clear break below 128.20 to continue the bearish scenario as the falling wedge bullish scenario would have failed. Immediate support remains around 129.00. A clear break below that area could trigger further bearish pressure testing 128.60 – 128.20 support area.
The AUDUSD continued its strong intraday bullish momentum yesterday and hit 1.0745 earlier today in Asian session. The bias remains bullish in nearest term testing 1.0770. A clear break above that area could trigger further bullish continuation testing 1.0887 even the all time high at 1.1010. Immediate support at 1.0650. I do not expect consistent movement below that area today as it would be a threat to the current strong intraday bullish outlook retesting 1.0500/50 support area and reactivate my wait and see mode.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.