The EURJPY continued its bearish correction yesterday, bottomed at 100.92 but traded higher earlier today hit 101.65. The bias is bearish in nearest term testing 99.50 but any downside pullback is normal and as long as stays inside the bullish channel I still prefer to buy on dips.
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term but overall I remain bullish as a part of the bullish scenario after break above the bearish channel as you can see on my daily chart below, testing 129.00/50 area. Immediate support is seen around 126.20. A clear break and daily/weekly close below that area could trigger further bearish pullback testing 125.50 region.
The AUDUSD was indecisive yesterday. The bias is neutral in nearest term. My medium outlook also shows a potential wide range condition between 1.0610 – 1.0170. However, I still prefer a bearish scenario at this phase and 1.0610 area remains a good place to sell with tight stop loss as a clear break and daily/weekly close above that area could trigger further bullish scenario testing 1.0700 – 1.0800 region and cancel the bearish scenario after break below the bullish channel. Immediate support is seen around 1.0350/00. Immediate resistance is seen around 1.0500. A clear break above that area could trigger further bullish pressure retesting 1.0610 key resistance area.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.