The EURJPY had a bullish momentum on Friday but there are no changes in my daily technical outlook as price still trapped in range area of 116.00 – 114.00 so far. Aggressive intraday traders can still short around 116.00 or long around 114.00 with tight stop loss. As you can see on my h4 chart below, despite of a sideways movement in the last three weeks price is moving inside a bullish channel suggests more upside bias especially if price able to make a clear break above 116.00 testing 117.22/60 region. On the downside, a clear break below 114.00 and a violation to the bullish channel could trigger further bearish scenario testing 112.05 even lower.
The GBPJPY made another insignificant movement on Friday. The bias is neutral in nearest term with potential range area between 134.00 – 132.61. I prefer a bullish intraday outlook since the break above the trend line resistance and for me 132.61 is the best place for a long position with good risk – reward ratio. A clear break below 132.61 would activate my wait and see mode as direction would become unclear testing 131.50 region. On the upside, a clear break above 134.00 could trigger further upside momentum testing 135.15 even higher.
The AUDUSD continued its bullish momentum on Friday and slipped above the trend line resistance as you can see on my daily chart below. This fact is a threat to the bearish outlook since the fall from all time high 1.1010 especially if price able to make a clear break above 1.0770 retesting 1.1010 even aim for new all time high projection. As long as price moves above 1.0600 my intraday bias remains bullish and aggressive intraday traders can still activate their bullish mode but note that price is now at critical technical phase where movement can be a little bit tricky. A clear break below 1.0600 would lead us to neutral zone in nearest term but would keep the bearish scenario remains intact testing 1.0500 – 1.0440 support area.
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