EURJPY Forecast

The EURJPY failed to continue its bullish momentum last week and hit 107.10 earlier today. The bias is bearish in nearest term testing 106.50. A clear break and daily close below that area could trigger further bearish pullback testing 104.50 and the trend line support (red, see my h4 chart below). However note that as long as stays above the trend line support the bullish scenario since bounced from 97.02 and the break above the trend line resistance (white) should remain intact and I still prefer to buy on dips. Immediate resistance is seen around 108.00. A clear break above that area could end the current bearish correction phase and continue the bullish scenario retesting 119.23/73 area.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive last week, made a Doji on weekly chart. The bias is neutral in nearest term but overall I still prefer a bullish scenario at this phase with buy on dips strategy. Immediate support is seen around 128.00. A clear break below that area could trigger further bearish pressure testing 127.00. Immediate resistance is seen around 129.60. A clear break and daily close above that area could trigger further bullish scenario testing 130.82.

AUDUSD Forecast

The AUDUSD was indecisive last week. The bias is neutral in nearest term. As you can see on my h4 chart below price is still trapped in range area of 1.0844 – 1.0600 and need a clear break on either side to see clearer direction. The best intraday strategy is to sell around 1.0844 or buy around 1.0600. Overall I still prefer a bullish scenario at this phase with buy on dips strategy.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.