EURJPY Forecast

The EURJPY had a significant bearish momentum yesterday, erased all bullish momentum on Tuesday and now traded back below 116.00 suggests potential bearish continuation, still targeting 114.00 in nearest term. Another clear break above 116.00 would lead us to neutral zone in nearest term as direction would become unclear and might lead us to a sideways intraday condition. On the upside, we need a clear break at least above 117.00 to halt the current strong bearish intraday outlook. CCI relatively in negative area on hourly, h4 and daily chart suggests a bearish view.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive yesterday, made a Doji on daily chart. Price attempted to push higher, broke above 132.97, but whipsawed to the downside after found resistance around 134.00. The bias remains neutral in nearest term as direction still unclear and my wait and see mode is now activated. Immediate support at 132.40. A clear break below that area would change the intraday bias to bearish testing 131.80 and reopen the door for another downside scenario testing 130.20. On the upside, a clear break above 134.00/25 could trigger further bullish momentum testing 135.00.

AUDUSD Forecast

The AUDUSD had a significant bearish momentum yesterday after failed to make a clear break above 1.0877, break below 1.0770 and hit 1.0585 earlier today in Asian session. The bias is bearish in nearest term but note that 1.0581/40 still considered as a strong intraday support and need a clear break below that area to continue the bearish pressure testing 1.0440 support area. Immediate resistance at 1.0704 (current high). A clear break above that area would lead us to neutral zone in nearest term as direction would become unclear but as long as price stays below 1.0877 the bearish phase should remain intact.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.