The EURJPY was able to maintain its bearish bias last week, bottomed at 99.35. There are no changes in my technical outlook. The bias remains bearish in nearest term especially if price able to make a clear break and daily close below 99.23 testing 98.00 – 97.00 region. Immediate resistance is seen around 100.30. A clear break above that area could lead price to neutral zone in nearest term testing 101.00. As you can see on my daily chart below we have a CCI bullish divergence as a warning of potential bullish correction but as long as stays below 101.00 my overall technical outlook remains bearish and I still prefer to sell on rallies.
The GBPJPY was indecisive last week but overall still able to maintain its bearish bias after fell below the triangle. There are no changes in my technical outlook. The bias remains neutral in nearest term but overall I still prefer to sell on rallies still testing 123.25 support area. Immediate resistance is seen around 125.06. A clear break above that area could trigger further bullish pullback but only a clear break and daily close at least above 126.00 could interrupt the bearish outlook.
The AUDUSD was indecisive last week, made a Doji on weekly chart. Price gapped higher earlier today in Asian session, opened at 0.9812 and hit 0.9862. The bias is bullish in nearest term but overall as long as stays below 0.9910 I still prefer to sell on rallies. Immediate support is seen around 0.9745. A clear break and daily close below that area could continue the bearish scenario testing 0.9662 or lower.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.