The EURJPY continued its bearish correction yesterday, bottomed at 100.34 but traded higher earlier today hit 100.82. The bias remains bearish in nearest term testing 100.00 but as long as stays inside the bullish channel I still prefer to buy on dips. Immediate resistance is seen around 101.35. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish scenario remains strong testing 101.60 or higher. On the downside, only a clear break below the bullish channel and 99.50 will interrupt the bullish scenario.
The GBPJPY continued its bearish correction yesterday, bottomed at 125.95. The bias is bearish in nearest term testing 125.50 but overall I still prefer to buy on dips as a part of the bullish scenario after break above the bearish channel. Immediate resistance is seen around 126.50. A clear break back above that area could lead price to neutral zone in nearest term testing 127.00 or higher.
The AUDUSD was indecisive yesterday. The bias is neutral in nearest term, probably with a little bullish intraday bias after the failure to continue the bearish pressure. Immediate resistance is seen around 1.0500. A clear break and daily close above that area could trigger further bullish pressure retesting 1.0610 resistance area. Potential medium term range remains between 1.0610 – 1.0170. As long as stays below 1.0610, the bearish scenario after broke below the bullish channel should remain intact and I still prefer a bearish scenario at this phase.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
Most Popular Slideshows
- 'Game of Thrones'-like Film, 'The Queen of the Tearling,' Casts Emma Watson as Lead Star and Exec Producer [PHOTOS]
- 'Fifty Shades of Grey' Movie Casting: Selena Gomez Open to Nude Role, Ready for Anastasia Steele? [PHOTOS]
- Asus Transformer Infinity Pad, Sony Vaio Duo, Toshiba Satellite, A Look at Intel's Haswell 4th Generation Ultrabooks and Notebooks [Photos]
- Jackie Chan Dead 2013: Where is the Chinese Actor Amid Resurfaced Fake Death Reports? [PHOTOS]