EURJPY Forecast

The EURJPY attempted to push lower yesterday, but whipsawed to the upside closed higher above 120.65 after found support around 101.80/50 region as a result of broad Euro strength after the ECB rate decision and press conference. The bias is bullish in nearest term testing the minor trend line resistance (red) and 103.50/80 area. On the downside, a clear break back below 120.65 could lead price to neutral zone in nearest term but no further bearish pressure should be expected until a clear break and daily close at least below 101.50 region.

GBPJPY  Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 116.95 but further bearish pressure aiming for a new record low was strongly rejected as price whipsawed to the upside and closed higher at 118.34. The bias is neutral in nearest term. Immediate support is seen around 117.70. A clear break back below that area could trigger another downside attempt testing record low 116.82. On the upside, a clear break and daily close above 119.00/20 could trigger further bullish correction testing 120.00/50 area even further as 116.82/95 record low might form a double bottom bullish reversal scenario.

AUDUSD Forecast

The AUDUSD continued its bullish bias yesterday broke and closed above 0.9700. The bias is bullish in nearest term targeting 0.9975 especially if price able to make a clear break above the trend line resistance as you can see on my h4 chart below. Immediate support is seen around 0.9700. Another movement back below that area would lead price to neutral zone as direction would become unclear but would keep the major bearish reversal scenario since the fall from all time high remains strong.

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

.