The EURJPY continued its bearish scenario yesterday, bottomed at 109.40 and closed at 109.44. The bias is bearish in nearest term testing 108.83. Break below that area could trigger further bearish momentum testing 104.08 in longer term view. However price already in oversold area so watch out for potential upside correction testing 110.66. Break above that area could lead us into no trading zone but as long as price move inside the bearish channel I still prefer a bearish scenario with short on rallies strategy.
The GBPJPY made another indecisive movement yesterday, still trapped in range area of 130.80 – 128.00 but still within a major bearish scenario. We have no significant technical movement so far, so there is nothing more to say about this pair for now. We need a consistent move below 128.00 could resume the major bearish scenario testing 126.75 region. On the other hand, a break above 130.80 could trigger further upside correction testing 132.80 region. Aggressive traders may short around 130.80 or long around 128.00 with tight stop loss.
The AUDUSD slipped above the range area yesterday, but price so far unable to stay above the range area. This fact could produce a false breakout scenario which could trigger a bearish momentum re-testing 0.8070 area. On the other hand, a clear break above 0.8360 could be a serious threat to the bearish scenario testing at least 0.8500 region. The bias is neutral in nearest term but the main scenario remains to the downside.
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