EURJPY Forecast

The EURJPY was indecisive on Friday. There were some downside pressures earlier today in Asian session, but we need to pay attention to 102.20, a potential triple bottom support area. My overall technical bias remains to the downside but we need a clear break and daily close below 102.20 to continue the bearish scenario testing 100.08. Immediate resistance is seen around 102.80. A clear break back above that area could trigger further upside pullback testing 103.25 which probably would lead price to a consolidation phase with potential range area between 103.88 – 102.20. A clear break above 103.88 would give further validation to the triple bottom bullish pullback scenario.

GBPJPY  Forecast

The GBPJPY was corrected higher on Friday and now struggling around 118.35. Price hit a new record low at 116.82 last week and so far I see no significant potential bullish pullback. The bias is neutral in nearest term but a clear break back below 117.70 could trigger further bearish pressure retesting 116.82 which could open the door for hitting another record low around 106.00 – 105.00. Immediate resistance is seen around 108.80. A clear break above that area could trigger further upside pullback testing 119.50 area but as long as price moves below the trend line resistance my overall technical bias remains to the downside.

AUDUSD Forecast

The AUDUSD was indecisive on Friday. Price attempted to push lower but closed higher at 0.9773 after unable to make a clear break below 0.9700 support area. There were some bearish pressures earlier today in Asian session hit 0.9712 but we need a clear break and daily close below 0.9700 to continue the major bearish reversal scenario after violation to the triangle, at least testing 0.9400. Immediate resistance is seen around 0.9790. A clear break back above that area could trigger further upside pullback testing 0.9850 but any upside pullback now is normal and I still prefer a bearish scenario at this phase.

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

.