The EURJPY attempted to push higher yesterday, topped at 125.06 but closed lower at 124.64. Looks like we have a good resistance around 125.15 area preventing further bullish momentum. We need consistent move above that area to continue bullish momentum towards 126.96 region. Immediate support at 124.00. Break below that area could trigger further bearish momentum testing 123.00 region.
The GBPJPY still didn’t make significant movement yesterday. The bias remains neutral in nearest term. Expected range at 136.65 – 139.34 but as long as price moves inside the bullish channel the bullish scenario remains intact. Immediate support at 137.70. Break below that area could trigger further bearish pressure testing 136.65 region. On the other hand, break above 139.34 could continue the bullish scenario towards 142.00 area.
The AUDUSD failed to continue its bearish momentum yesterday. On h4 chart below we can see that price now move back above the trendline resistance indicating bearish failure. The bias is bullish in nearest term targeting 0.9250. Immediate support at 0.9150. Break below that area should lead us into no trading zone as direction would become unclear.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.