EURJPY Forecast

The EURJPY was corrected lower yesterday, bottomed at 114.20. The bias is bearish in nearest term testing 114.00 support area, but there is where I will open a long position as I see the current bearish pressure is a normal pullback after the breakout above the range area which give me the best entry with good risk – reward ratio, still targeting 116.35. A clear break below 114.00 would cancel my bullish outlook and could produce a false breakout scenario and change my intraday bias to bearish at least targeting 113.10/00.

GBPJPY  Forecast

The GBPJPY was unable to make a clear break above 134.20 yesterday and significantly down and hit 132.90. The bias is bearish in nearest term but note that as long as price moves inside the bullish channel the overall technical bias remains more to the upside. There are no changes in my daily technical outlook. Aggressive intraday traders can still long around 132.50 with stop loss below 131.75 while conservative traders can long around 131.75 (the lower line of the bullish channel) with smaller stop loss. On the upside, we need a clear break above 134.20 to continue the bullish scenario testing 135.50 key resistance area.

AUDUSD Forecast

The AUDUSD made a significant bearish momentum yesterday, break below the rising wedge formation as you can see on my daily chart below. This fact not only change the intraday bias to bearish targeting 0.9942 – 0.9865 but also could create bigger downside correction scenario. Immediate resistance at 1.0070. A clear break above that area and a daily close back inside the rising wedge would lead us to neutral zone as direction would become unclear and my rising wedge bearish technical scenario would be a little bit mess and could give another chance for a retest of 1.0256 all time high.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.