The EURJPY attempted to push lower yesterday but still unable to make a clear break below 103.88 support area so far. My overall technical outlook remains to the downside but need a clear break and daily close below 103.88 to continue the bearish scenario testing 100.08. Immediate resistance is seen around 104.25. A clear break above that area could trigger further minor upside consolidation testing 105.00 area but overall I still prefer a bearish scenario at this phase. Intervention is the only factor that can stop the current strong broad Yen strength but I think the BOJ should think twice before jump into the market as three previous intervention actions this year has failed.
The GBPJPY continued its bearish momentum yesterday, broke below 108.83 and hit a new record low at 108.55 earlier today in Asian session. Since I see no technical reason that can lead price to a potential significant bullish correction/reversal so far, I think the bearish pressure could go even further aiming for another record low around 108.00 and 107.00. Immediate resistance is seen around 119.00. A clear break back above that area could trigger further minor upside pullback testing 119.50 but only a movement back above 120.65 could stop the current strong intraday outlook. Hitting a new record low might create a speculation about some bullish correction even reversal, but until price breaks above my trend line resistance and 124.85, we might see other record lows printed on our chart and any bullish pullback now is normal and should be seen as a corrective movement. Intervention is the only factor that can stop the current strong broad Yen strength but I think the BOJ should think twice before jump into the market as three previous intervention actions this year has failed.
The AUDUSD had a bearish momentum yesterday and now testing the lower line of my triangle as you can see on my daily chart below. Price is now in critical point, where a clear break and daily close below the triangle and 1.0000 could trigger further bearish scenario at least testing 0.9925, even could give us an early signal of a major bearish reversal after the fall from all time high. 1.1079. Below 0.9925, 0.9700 could be the next bearish target. Immediate resistance is seen around 1.0050/80. A clear break back above that area could lead price to neutral zone in nearest term and keep my major outlook in a consolidation view inside the triangle. Price moves below EMA 200 on hourly, h4 and daily chart suggests a strong bearish outlook but note that we need a clear break from the triangle to continue the bearish scenario.
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