EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 112.47 but closed higher at 114.75 in a volatile market. The bias is neutral in nearest term as direction is unclear so far. On h4 chart below we have two trendlines, support and resistance, and need a break on either side to see clearer direction. Breakout above the trendline resistance could trigger further bullish correction testing 116.50 area while breakdown below the trendline support could continue the major bearish scenario testing 110.66.

GBPJPY Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 131.10 but whipsawed to the upside and closed at 133.98 in a volatile market. On h1 chart below we can see price is moving in an ascending triangle pattern indicating potential upside correction scenario especially if price breakout above the triangle testing 135.70 area. However note that the major scenario remains bearish with 129.89 area remains potential technical level to be tested especially if price violate the triangle to the downside as the minor bullish correction may fail.

AUDUSD Forecast

The AUDUSD had a limited bearish momentum yesterday. Price slipped below 0.8700 area but rebound higher around 0.8739 at the time I wrote this comment. The bias is neutral in nearest term but still in a bearish context. We need a consistent move below 0.8700 area to continue the bearish scenario testing 0.8612 – 0.8575 area. Immediate resistance at 0.8840/80 region.

Related Posts:

  • Daily Forecast for Crosses: March 03
  • Daily Forecast for Crosses: May 06
  • Daily Forecast for Crosses: April 27
  • Daily Forecast for Crosses: February 26
  • Daily Forecast for Crosses: April 09
  • ©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.