The EURJPY had another volatile but indecisive movement yesterday. Price attempted to push lower, but whipsawed to the upside and hit 106.49 earlier today in Asian session after unable to make a clear break below 104.95 key support area. The bias is bullish in nearest term, but note that we need a clear break from the range area to see clearer direction. A clear break and daily close above 106.50 could trigger further bullish scenario testing the major trend line resistance and 108.00 area. Immediate support is seen around 105.80. A clear break below that area could lead price to neutral zone in nearest term but as long as price stays above 104.95 I still prefer a bullish intraday scenario at this phase.
The GBPJPY had another volatile but indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term with potential daily range between 122.62 – 120.00. I still prefer a bullish intraday scenario at this phase and only a clear break and daily close back below 120.00 could stop the current bullish intraday outlook, challenging the double bottom formation. On the upside, a clear break and daily close above 122.62 would give further confirmation to the double bottom bullish reversal scenario.
The AUDUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.0320 but whipsawed to the upside, closed at 1.0401 and hit 1.0516 earlier today in Asian session. This fact keeps my bullish intraday outlook remains strong, still targeting 1.0530 and 1.0660 area. Immediate support is seen around 1.0400. A clear break back below that area would lead price to neutral zone in nearest term as direction would become unclear, but as long as stays below 1.0320 my overall intraday bias remains to the upside.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.