EURJPY Forecast

The EURJPY was indecisive on Friday. The bias remains neutral in nearest term. Immediate resistance is seen around 106.50. A clear break above that are could turn my intraday bias to a bullish view testing 107.00 – 108.00 area and the major trend line resistance (white) as you can see on my daily chart below. On the downside, we have a strong support around 104.95 which has been respected in the last four weeks. A clear break and daily close below that area could trigger further bearish scenario and reactivate my bearish mode at least testing 103.75 area even lower.

GBPJPY  Forecast

The GBPJPY had another volatile but indecisive movement on Friday. The bias remains neutral in nearest term. My double bottom bullish reversal scenario remains valid but need a clear break and daily close at least above 125.50 to keep the bullish outlook strong, testing 126.79, 127.28 even higher. Immediate support is seen around 122.62, a good place for a buy position with a tight stop loss.

AUDUSD Forecast

The AUDUSD had a bullish momentum on Friday on broad US Dollar weakness, topped at 1.0302 and hit 1.0334 earlier today in Asian session. As long as stays below 1.0440 I still prefer a bearish scenario at this phase but my short term intraday bias turns bullish now testing 1.0440. On the downside, key support area is seen around 1.0200. A clear break back below that area would stop the current bullish intraday phase and keep the bearish scenario strong, testing 1.0100 – 1.0000 even 0.9925.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.