The EURJPY didn’t make significant movement on Friday. We had a high volatile market but price never make a convincing bullish candle on daily chart which might indicating some big players still selling the Euro ignoring intervention threat. On h4 chart below we can see price still moving in bearish channel indicating the major bearish channel remains intact. Expected range at 114.50 – 110.66 and another volatile market is likely today.
As you can see on my h1 chart below, the GBPJPY slipped above the bearish channel indicating a serious threat to the bearish scenario but price so far unable to move consistently above the channel. Although nearest term pressure is now more to the upside, price still trapped in range area of 130.80 – 128.00. We need a clear break above 130.80 to continue the bullish scenario testing 132.80 region. On the other hand, Break below 128.00 could resume the major bearish scenario testing 126.75 region.
The AUDUSD was corrected higher on Friday. On h4 chart below we can see that price struggling around 0.8250 area. The current h4 candle may give us an important technical clue today. A close below 0.8250 could trigger further bearish momentum testing 0.8070 while a close above 0.8250 could trigger further upside correction testing 0.8360 before testing 0.8500 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.