The EURJPY was volatile but indecisive yesterday. The bias is neutral in nearest term but overall as long as stays above the trend line support (red) I still prefer a bullish intraday scenario at this phase. Immediate support is seen around 108.00. A clear break below that area could trigger another bearish pullback testing 107.50. Immediate resistance is seen around 108.64. A clear break above that area could trigger further bullish momentum testing 109.00/73 and give another chance for the bullish scenario to test 111.58 area.
The GBPJPY was indecisive yesterday made a Doji on daily chart. There are no changes in my technical outlook. The bias remains neutral in nearest term but overall I still prefer a bullish scenario at this phase. Immediate support is seen around 128.16 (yesterday’s low). A clear break below that area could trigger further bearish pullback testing 127.50. Immediate resistance is seen around 128.92 (current high). A clear break above that area could trigger further bullish pressure testing 129.50/73 even 130.82.
The AUDUSD attempted to push lower yesterday, bottomed at 1.0472 but closed higher at 1.0529. The bias is neutral in nearest term but as long as stays below 1.0600, I still prefer a bearish scenario at this phase, still testing 1.0400. On the upside, a clear break and daily close back above 1.0600 would reactivate my wait and see mode as direction would become unclear.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.