The EURJPY had a moderate bullish momentum yesterday, topped at 109.79. There were some downside pressure earlier today hit 108.94. The bias is neutral in nearest term but overall as long as stays above the trend line support (red) and 108.50 I still prefer a bullish scenario at this phase with buy on dips strategy. On the upside, a clear break above 109.79 – 110.00 could trigger further bullish pressure testing 110.50 – 111.58 resistance area. Potential range is seen between 111.58 – 108.50.
The GBPJPY had a moderate bullish momentum yesterday, topped at 131.96 but traded lower earlier today hit 131.17. There are no changes in my technical outlook and overall price is still trapped in range area suggests a consolidation phase. The bias is neutral in nearest term but overall I still prefer a bullish scenario at this phase with buy on dips strategy. Immediate support is seen around 131.00. A clear break below that area could trigger further bearish pressure testing 130.50 – 130.00 region. On the upside, a clear break and daily close above 132.00 could trigger further bullish pressure testing 133.00 area but would need a clear break and daily close above 133.50 to continue the major bullish scenario testing 135.10.
The AUDUSD had a bearish momentum yesterday on broad US Dollar strength, bottomed at 1.0300 and hit 1.0262 earlier today. The bias is bearish in nearest term testing 1.0200. Immediate resistance is seen around 1.0300/10. A clear break above that area could lead price to neutral zone in nearest term testing 1.0350 – 1.0400 but any upside pullback now is normal and overall I remain bearish on this pair.
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