The EURJPY was indecisive last week, made a Doji on weekly chart. There are no changes in my technical outlook. Nearest term bias remains to the downside, still testing 102.20 region. Immediate resistance remains around 103.70. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 104.44 my overall intraday bias remains strongly to the downside and only a clear break back above 105.60 could stop the current bearish outlook. CCI is in oversold area and challenging the -100 line so watch out for potential bullish pullback.
The GBPJPY was indecisive last week, made a Doji on weekly chart. The bias is neutral in nearest term but overall price is still in a bearish correction phase since fell from 133.47. As you can see on my daily chart below, price is moving inside a triangle formation suggests a major consolidation phase and need a clear break from the triangle to see clearer direction. Potential daily range is seen between 127.80 129.37.
The AUDUSD attempted to push higher last week, topped at 1.0218 but whipsawed to the downside, closed at 1.0017 and hit 0.9994 earlier today. The bias remains bearish in nearest term testing 0.9910 region. Immediate resistance is seen around 1.0043/70 region. A clear break above that area could lead price to neutral zone in nearest term but any upside pullback now is normal and as long as stays below 1.0200 I still prefer a bearish scenario at this phase with sell on rallies strategy.
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009