Daily Forecast for Crosses: February 09

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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EURJPY Forecast
The EURJPY made another indecisive movement yesterday. The bias remains neutral as price seems to trapped in range area of 123.30 – 120.69 area but still within a bearish scenario. The best strategy in this situation is to short around 123.30 or long around 120.69 area with a tight stop loss.

GBPJPY Forecast
The GBPJPY made indecisive movement yesterday, formed a Doji on daily chart indicating consolidation but still in a bearish scenario outlook. The bias is neutral in nearest term. On daily chart below we can see that price is now struggling around key level 139.30 area. We need a consistent move below that area to continue the bearish momentum targeting 137.30 area before testing 134.50 level. Immediate resistance at 140.00 area. Break above that area should trigger further bullish correction testing 141.50 area as bearish momentum might get exhausted.

AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday indicating consolidation phase. On h4 chart below we can see that price trapped between 0.8717 – 0.8575 area. The bias remains neutral but still in a bearish scenario outlook. Break above 0.8717 should trigger further bullish momentum testing 0.8780 and the upper line of the bearish channel. Break below 0.8575 should continue the bearish scenario towards 0.8467 area.