Daily Chart Art – July 27, 2010

EURJPY: 1-hour

PoD Chart

Are those higher lows I see on EURJPY 1-hour chart? Why, yes they are! Consecutive higher lows usually indicate that the bulls are in control, which could also mean that an upside break is looming. In this case, look for a candle close above major resistance 133.40 to confirm a move towards 114.00 and possibly even 115.00.

AUDJPY: 4-hour

PoD Chart

AUDJPY can’t seem to bust through that resistance level around 78.50 and, with the stochastics in the overbought area, the pair just might slide back down. If it does, it could find support at that rising trend line connecting the lows of the price. Wait a minute, it looks like an ascending triangle is forming on AUDJPY’s 4-hour chart. Ooh, we might be in for some strong breakouts soon so y’all better watch out!

USDJPY: 1-hour

PoD Chart

Ouch! After USDJPY’s strong rally last Friday, the pair found itself unable to hold its ground and completely give back all of its gains yesterday. Will we see price continue to go down or will we see price bounce back up? Hah, only price action can tell so keep an eye on 86.95! A break in that support level could worsen the pair’s losses and lead to a test of last week’s lows!