Daily Forecast for Crosses: February 03

The EURJPY was indecisive yesterday. The bias is neutral in nearest term with range area to be closely watched between 100.74 – 99.00. I prefer a bullish intraday scenario at this phase but need a clear break and daily close above 100.74 to reactivate my bullish intraday mode. On the downside, a clear break below 99.00 could trigger further bearish scenario testing 97.00 area. I will stand aside for now.

GBPJPY  Forecast

The GBPJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but as long as stays above 119.35 price is still in a bullish intraday phase since the break above the trend line resistance as you can see on my daily chart below, testing 122.62 key resistance area. Immediate support is seen around 120.30/20. A clear break below that area would reopen the door for another downside pressure testing 119.57/35.

AUDUSD Forecast

The AUDUSD was indecisive yesterday. The bias is neutral in nearest term. Overall price is still in a bullish phase but note that we need a clear break and daily close above major key resistance 1.0751 to continue the bullish scenario testing the record high 1.1079. On the downside, key support area is seen around 1.0600. A clear break and daily close below that area could trigger further bearish pullback, postpone the bullish outlook. As you can see on my daily chart below, two previous bearish reversal movements happened when price failed to make a break above 1.0751 and fell below 1.0600 and that bearish reversal scenario could happen again this time.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.