Watch the latest analysis of the USD/JPY, AUD/USD Forex pairs for the February 22nd in this video. EUR/JPY — The 80.00 level looks as significant resistance as seen in the daily chart. With the trend being down and the current move is parabolic, we believe that the downside is more likely in this pair. The question is whether or not the downtrend continues or it will pullback. So we don’t want to buy here as we will be buying into massive resistance. We will be looking at shorter timeframes to sell this pair on signs of weakness. AUD/USD — We had a very bearish day on Tuesday session. We have closed the gap from the weekend. We are presently at the bottom of the consolidation range that we are stuck here for weeks. The 1.0650 level looks supportive. A break down below doesn’t get us selling as we have support below all the way down to 1.04 level. The 1.05 and 1.06 level looks supportive. We will be looking for supportive candles at these levels to buy. A close below 1.04 level is seen as a signal to sell.

Posted on Forex Video Zone.