Daily Forecast for Crosses: September 14, 2009

EURJPY Forecast
The EURJPY had a significant bearish momentum on Friday. On h4 chart below we can see that the bullish channel (blue) has been violated to the downside indicating bullish failure as the price go back inside the bearish channel (red). The bias is bearish in nearest term targeting 130.07 area but we seem to have a good support around 131.00 area. Break below that area should trigger further bearish momentum. Immediate resistance at 132.30. Break above that area should take us into no trading zone as direction would be unclear.

GBPJPY Forecast
The GBPJPY had a significant bearish momentum on Friday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish view. The bias is bearish in nearest term targeting 149.02. Immediate resistance at 151.10. Break above that area should lead us into no trading zone as direction would become unclear.

AUDUSD Forecast
The AUDUSD was corrected lower on Friday. On h1 chart below we can see that the pair is now struggling around the 23.6% Fibo retracement of 0.8674 – 0.8239 around 0.8570 area. The bias is bearish in nearest term  and we might have further bearish correction testing 0.8500 area but I still prefer a bullish scenario. The 0.8500 level seems to be a potential  place to put a buy position with a very tight stop loss.