EURJPY Forecast

The EURJPY continued its bullish momentum yesterday and hit 121.89 earlier today in Asian session. The bias is bullish in nearest term testing 122.29 key resistance area after bounced strongly from a triple bottom formation as you can see on my weekly chart below. A clear break above 122.29 would trigger further bullish continuation testing May 2010 high at 125.44 and April 2010 high at 127.90. Immediate support at 121.20. A clear break below that area would lead us to neutral zone in nearest term testing 120.70 but overall I prefer a bullish scenario at this phase.

GBPJPY  Forecast

The GBPJPY continued its bullish momentum yesterday and hit 139.67 earlier today in Asian session. The bias is bullish in nearest term testing 140.56. On weekly chart below we can see price is now struggling around a key resistance at 139.50 after made a strong breakout above 135.17. A consistent move above 139.50 would continue the bullish scenario which triggered by the intervention testing 145.95 from a longer term outlook. Immediate support at 138.90. A clear break below that area would lead us to neutral zone in nearest term testing 138.00 – 137.77 support area but overall I prefer a bullish scenario at this phase.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday but found a good intraday support around 1.0310 – 1.0270 and now testing 1.0370 resistance area. A clear break above 1.0370 would continue the bullish momentum testing 1.0400 – 1.0500. On the downside, a clear break below 1.0270 would lead us to neutral zone in nearest term but as long as price moves above 1.0200 the bullish scenario should remain strong.

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