The EURJPY continued its bearish bias on Friday, slipped below 120.38 but unable to stay below that area so far. Key intraday support provided by the trend line support (white) as you can see on my hourly chart below. A consistent move below 120.38 and violation to the trend line support could continue the bearish pressure testing 118.40/00 support area. On the upside, immediate resistance at 121.00. We need a clear break above that area to keep the bullish outlook intact testing 121.80 – 123.31 resistance area.
The GBPJPY was indecisive on Friday. Price slipped below 135.50 but unable to stay below that area so far. The bias is neutral in nearest term. As long as price stays below 135.90 the intraday bias is more to the downside testing 134.70/20. As long as price moves inside the bullish channel I still prefer a bullish scenario at this phase but would need a consistent movement at least back above 136.00 to keep the bullish scenario remains strong testing 137.00 – 139.67 this week.
The AUDUSD made another new historical high earlier today in Asian session at 1.1009 but corrected lower around 1.0940 at the time I wrote this comment. The bias is neutral in nearest term but overall price is still in a strong bullish outlook aiming for another new historical high projection around 1.1050 – 1.1100. On the downside, only a clear break below 1.0877 could trigger further significant bearish correction but overall my technical bias remains strongly bullish.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.