The EURJPY attempted to push lower yesterday, slipped below 114.00 but further bearish pressure was rejected and closed higher at 114.87. The bias is neutral in nearest term. The major bearish scenario since the fall from 123.31 remains strong but would need a clear break below 114.o0 to continue the bearish scenario targeting 112.05. Potential intraday range at 116.00 – 114.00. Aggressive intraday traders may short around 116.00 or long around 114.00 with tight stop loss. A clear break above 116.00 could trigger further upside pullback testing 117.22 even testing the major trend line resistance (white).
The GBPJPY was able to maintain its bearish intraday bias yesterday after found a good resistance around 132.97 – 133.16. There are no changes in my daily technical outlook. Overall price still trapped in range area of 132.97 /133.16 – 130.20 as you can see on my h4 chart below and need a clear break on either side to see clearer direction. As long as price stays below the trend line resistance (blue) I still prefer a bearish scenario and 132.97 – 133.16 remains the best place for a short position due to a good risk –reward ratio there.
The AUDUSD continued its bearish momentum yesterday, slipped below 1.0500 but corrected higher earlier today in Asian session hit 1.0556. The bias remains bearish in nearest term especially if price able to make another strong break below 1.0500 testing 1.0388 before targeting 1.0200. However CCI in bullish zone on hourly chart suggests potential upside pullback testing 1.0625 – 1.0700 and the trend line resistance area. I still prefer a short position around the trend line resistance and 1.0700 due to a good risk – reward ratio there. Only a violation to the trend line resistance would be a threat to the bearish outlook since the fall from all time high at 1.1010.
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