On-Line Forex Trading Tips

EURJPY Forecast
The EURJPY didn’t make significant movement yesterday indicating consolidation. The nearest bias is neutral but I still prefer a bearish scenario with sell on rallies strategy since the bullish channel violation indicates bullish failure testing 120.69 area. Immediate resistance at 122.59 (yesterday’s high). Break above that area should lead us into no trading zone as direction would become unclear.

GBPJPY Forecast
The GBPJPY was indecisive yesterday indicating consolidation but overall I still prefer a bearish scenario after violation of the bullish channel indicates bullish failure, testing 138.23 area before aim for 137.30 area. Immediate resistance at 139.57 – 139.90 area. Break above that area should lead us into no trading zone as direction would become unclear.

AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8856 but closed significantly higher at 0.8934. This fact should lead us in no trading zone in nearest term. I still prefer a bearish scenario since the bullish channel violation indicates bullish failure but we need a consistent move below 0.8910 area to continue bearish scenario targeting 0.8780 area. Immediate resistance at 0.8980 followed by 0.9040.

EURJPY Forecast
The EURJPY was indecisive yesterday, formed a Doji on daily chart. On h4 chart below we can see that it was a false breakout above 124.25 area. The bias is neutral in nearest term but the false breakout should trigger further bearish pressure testing 121.50 area. Another movement back above 124.25 should lead us into no trading zone as direction would become unclear.

GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, slipped above 143.00 area but closed lower at 142.97 and keep moving lower around 142.49 at the time I wrote this comment. The bias is neutral in nearest term but this fact could be considered as a false breakout which could trigger further bearish momentum testing the lower line of the bullish channel. Another movement back above 143.00 should continue the bullish scenario targeting 144.77 area.

AUDUSD Forecast
The AUDUSD failed to continue its bullish momentum yesterday, unable to break above 0.9040 resistance area. The bias is neutral in nearest term with potential range area between 0.9040 – 0.8910. Break on either side should give us clearer direction towards 0.9120 or 0.8780.

EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 131.06 and closed at 130.86. The bias should remains to the upside targeting 131.75. However CCI just cross the 100 line down on h4 chart so watch out for potential bearish correction testing 130.05 area. Break below that area should trigger further bearish correction testing 129.00 area but that will lead me into no trading zone as direction would become unclear for me.

GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday. Overall the pressure remains to the upside but as you can see on my h4 chart below price still struggling around 146.80 area indicating bullish paused and consolidation. We need a consistent move above 146.80 to continue the bullish scenario towards 148.50 this week. Immediate support 145.90 area. Break below that area should trigger further bearish correction but as long as price move above the trendline support (red) I still prefer a bullish scenario.

AUDUSD Forecast
The AUDUSD had a moderate bearish momentum yesterday, bottomed at 0.8741 and closed at 0.8748. The bias should remains to the downside. I believe, after break below 0.8850 area this pair should continue the bearish momentum at least targeting 0.8650 area before testing key support level around 0.8500 area this month. Immediate resistance at 0.8800 – 0.8850. Break above that area should trigger further bullish correction but as long as the trendline resistance (blue) hold, I still prefer a bearish scenario for this pair.

EURJPY Forecast
The hammer candlestick pattern gave us a valid bullish correction signal on Friday as market responded to the intervention threat by the Japanese government to weaken the Yen. Price whipsawed to the upside significantly, topped at 130.13 and closed at 129.55 after attempted to push lower and hit bottom at 126.86. I am expecting further bullish momentum testing 131.75 and the trendline resistance area (red, see h4 chart below) as market may continue respond further to the intervention threat thus potentially bring the pair higher. Immediate support at 129.50/00 area. Break below that area should trigger further bearish momentum technically but I won’t place a short position under an intervention threat.

GBPJPY Forecast
The market responded to the intervention threat by the Japanese government and brought the pair higher, topped at 143.47 and closed at 142.66 after bottomed at 139.27 on Friday. Technically, the hammer candlestick pattern, as you can see on h4 chart below suggest potential upside correction testing 144.60 in nearest term. Break above 144.60 could be a serious threat to the bearish outlook and potentially begin the bullish outlook in longer term at least testing 148.50 area. Immediate support at 142.50. Break below that area should trigger further bearish momentum but I won’t place a short position under an intervention threat.

AUDUSD Forecast
The hammer candlestick pattern gave us a good signal of bullish correction on Friday as the pair closed higher at 0.9059 after bottomed at 0.8916 and continue to push higher earlier today in Asian session, traded around 0.9155 at the time I wrote this comment. The bias is bullish in nearest term targeting 0.9250 even 0.9327 in longer term but we need a consistent move above 0.9180 key resistance area to continue further bullish momentum. Immediate support at 0.9090. Break below that area should trigger further bearish momentum re-testing 0.9030 even 0.8916 area.

EURJPY Forecast
The EURJPY attempted to push higher yesterday, break above my first trendline resistance (blue), slipped above my second trendline resistance (red) but retreat to the downside. Like I said yesterday, only valid break above the second trendline resistance (red) should be considered as bearish scenario failure. The fact now show me that the break is a false breakout which potentially lead to a significant bearish pressure. The bias is bearish targeting 131.75 area. Immediate resistance at 133.59 area (yesterday’s high). Break above that area should be seen as bearish failure and the beginning of new bullish scenario.

GBPJPY Forecast
The GBPJPY made a significant bullish correction yesterday. Like I said, any upside correction is normal after significant break below my trendline support (blue). Now, the fact that price retreat to the downside after fail to move above 148.50 resistance area could be seen as potential ending to the bullish correction momentum and price ready to continue the bearish movement targeting 146.30 before aim for 144.50/60 area. However, break above 148.50 should be seen as potential threat to my bearish outlook.

AUDUSD Forecast
The AUDUSD made a significant technical move yesterday, violated my bearish channel indicating potential bearish failure but never really had a convincing bullish momentum so far. I think we have to be careful here and for me the bias remains neutral. Important support level to be watched today is 0.9180 area. Break below that area should trigger further bearish momentum. Initial resistance at 0.9276 (yesterday’s high). Break above that area should trigger further bullish momentum testing 0.9327 area.