The EURJPY made a big gap earlier today in Asian session, opened higher at 119.74, 340 pips higher than its close price on Friday at 116.34. On h1 chart below we can see that price made a significant upside recover after a significant bearish, moving in a minor bullish channel. A very tricky movement for sure. Technically this upside correction is targeting 121.35 area but the major outlook remains bearish. Immediate support at 118.08 (current low). Break below that area could be seen as potential end to the upside correction movement testing 113.62. I think I will stand aside for now and see further development.
The GBPJPY made a significant upside recovery since bottomed at 129.89 after violated the major trendline support, traded around 137.84 at the time I wrote this comment. Technically, a retreat to the upside testing the trendline oftenly happen but as long as price able to stay below the trendline the major outlook remains bearish. Expected range at 139.35 – 135.70 but I still prefer a bearish scenario at this phase.
The AUDUSD made a gap earlier today in Asian session, opened at 0.9042, 180 pips higher than its Friday close price at 0.8862, still moving in a high volatile and unclear market. The bias is neutral in nearest term and I think I will stay away for now and wait for further development. As long as price able to stay above 0.9000 we may see further upside recovery testing 0.9070 even 0.9150 region. On the other hand, another pullback below 0.9000 could trigger further weakness testing 0.8922 (current low) before testing 0.8917 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.