The EURJPY made a huge bearish movement yesterday, bottomed at 110.66 and closed at 114.24. The movement was so massive that I can only use weekly chart to describe what is happening in the market technically. On weekly chart below we can see that price slipped below the major bullish trendline but so far still unable to move consistently below the trendline as price corrected higher around 116.70 at the time I wrote this comment. The bias is neutral in nearest term but surely bearish in medium term outlook. Another movement below the major trendline support should be seen as bullish failure and lead price back to the downside at least testing 104.00 – 105.00 region. Immediate resistance at 116.90. Break above that area could trigger further bullish momentum testing 120.60 region.
The GBPJPY also made a huge bearish momentum yesterday. On daily chart below we can see that price had a significant bearish after break below the trendline support, bottomed at 129.89 and closed at 134.24. The bias is neutral in nearest term but surely bearish in medium and long term. I am expecting a big range area of 139.35 – 129.89 at this phase but prefer to short on rallies.
As you can see on h1 chart below, the AUDUSD had a significant bearish momentum after break below the triangle, bottomed at 0.8716 and closed at 0.8847 in high volatile market. The bias is neutral in nearest term but the fact that price fell below 0.9000 psychological level lead me to a bearish mode at this phase. Only another movement back above that level could diminish the current bearish pressure. Immediate support at 0.8716 which is the intra-day bearish target. Break below that area should trigger further bearish momentum towards 0.8575 area.
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