EURJPY Forecast

The EURJPY continued its bearish momentum yesterday after a clear break below 103.88, bottomed at 102.20 but corrected higher earlier today in Asian session hit 103.44. The bias is neutral in nearest term but still within a context of a major bearish outlook still testing 100.08. Immediate resistance is seen around 103.50. A clear break back above that area could trigger further upside pullback testing 103.88 – 104.50 area but overall I still prefer a bearish scenario at this phase and any upside pullback now is normal and should be seen as a corrective move.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum yesterday hit a new record low at 116.82. The bias remains bearish in nearest term, aiming for another new record low projection around 116.00 – 115.00. Immediate resistance is seen around 117.70. A clear break back above that area could trigger further minor upside correction testing 118.35 but any upside pullback now due to oversold condition is normal and I still prefer a bearish scenario at this phase.

AUDUSD Forecast

The AUDUSD had a significant bearish momentum yesterday, broke below my triangle as you can see on my daily chart below. This fact not only could trigger further bearish scenario in nearest term testing 0.9535 especially if price able to make a clear break and daily close below 0.9700 but also could be an early signal of a major/huge bearish reversal scenario. Immediate resistance is seen around 0.9815. A clear break back above that area could lead price to neutral zone in nearest term but overall my technical bias remains strongly to the downside and any upside pullback now due to oversold condition is normal.

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

.