The EURJPY had a significant bearish momentum yesterday. On daily chart below we can see that price has violated the bullish channel indicating potential bearish failure. The bias is bearish in nearest term targeting 121.40 area especially if price able to consistently move below 122.35 region. Initial resistance at 123.70. Break above that area could trigger further upside momentum testing 124.50 area but that would make the direction unclear and lead us to no trading zone as my technical study would be a mess.
The GBPJPY failed to continue its bullish scenario yesterday. Overall we are still trapped in range area of 141.60 – 145.95 with no clear direction. The bias is neutral in nearest term. I think the best strategy is to long around 141.60 or short around 145.95 with tight stop loss. I don’t want to trade between that area for now.
The AUDUSD had a significant bearish momentum yesterday, by violated the triangle to the downside, bottomed at 0.9082 and closed at 0.9087 indicating potential bullish failure and new bearish phase. The bias is bearish in nearest term targeting 0.9000 area. Immediate resistance at 0.9140. Another movement above that area could lead us into no trading zone as direction would become unclear.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.