The EURJPY was corrected lower last week and hit 100.85 earlier today. The bias is bearish in nearest term testing 100.50/00 but as long as stays inside the bullish channel I still prefer to buy on dips at least targeting 104.00 region. On the downside, key support area is seen around the lower line of the bullish channel and 99.50. A clear break below that area will be a threat to the bullish outlook.
The GBPJPY was volatile but indecisive last week. The bias is neutral in nearest term but overall I still prefer to buy on dips as a part of the bullish scenario after break above the bearish channel. Immediate support is seen around 126.20. A clear break below that area could trigger further bearish pressure testing 125.50 support area. Immediate resistance is seen around 127.00/20. A clear break above that area could trigger further bullish pressure testing 128.00 before challenging 129.00/50 region.
The AUDUSD had a bearish momentum last week after failed to make a clear break above 1.0610 area. The bias is bearish in nearest term testing 1.0300. Immediate resistance is seen around 1.0450. A clear break above that area could lead price to neutral zone in nearest term testing 1.0500 but as long as stays below 1.0610, I still prefer a bearish scenario at this phase. On medium term perspective we have a potential wide range between 1.0610 – 1.0170.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
Most Popular Slideshows
- Australia Bids Adieu to Adam Spencer's Mornings on ABC's "702 Breakfast" Show [PHOTOS]
- SEE PHOTOS! Eva Longoria Wears No Panties at Cannes 2013, Revealed in Embarrassing Wardrobe Malfunction [SLIDESHOW]
- Top 10 Hottest Celebrities with Shocking Weight Loss (And Find Out Their Secrets!) [PHOTOS]
- Demi Lovato Snapped Getting Flirty with The X-Factor Boss, Simon Cowell? [PHOTOS]