EURJPY Forecast

The EURJPY continued its bullish momentum yesterday, topped at 120.38 but still struggling around the trend line resistance as you can see on my h4 chart below. The bias remains bullish in nearest term still targeting 121.40 but need a clear break above 120.38 to continue the bullish pressure. CCI is moving up above zero level but still unable to move above 100 line suggests potential upside pressure but need a movement above 100 line to find good and strong bullish momentum. Immediate support at 119.30. A clear break below that area would change the intraday bias to bearish testing 118.72 (yesterday’s low).

GBPJPY  Forecast

The GBPJPY was indecisive yesterday, made a Doji on daily chart and now still struggling around 135.00 area. The bias is neutral in nearest term. CCI is moving down below zero level on daily chart suggests more bearish intraday bias but need a movement below -100 to continue the bearish pressure testing 132.50. Immediate support to be tested is around 133.75/50. A clear break below that area would trigger further bearish pressure testing 132.50 even lower. The overall technical bias remains to the downside but a strong Yen appreciation could trigger another intervention to weaken the Yen. Immediate resistance at 135.80. A clear break above that area would change the intraday bias to bullish testing 137.00 resistance area.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday after a strong break out above 1.0581 and hit another new historical high at 1.0770 earlier today in Asian session. The bias remains bullish in nearest term testing 1.0850 – 1.0900 new historical high projection. Immediate support at 1.0670. A clear break below that area would lead us to neutral zone in nearest term testing 1.0600 but overall the technical bias remains strongly to the upside.

 

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

.