The EURJPY had a significant bearish momentum after violated the minor bullish channel yesterday and still attempt to push lower earlier today in Asian market but found a good support around 125.15 area. My major technical outlook remains bullish and I am expecting the end of the bullish correction targeting 128.80 especially if price break above 126.55 area with nearest target around 126.96. On the other hand, break below 125.15 could trigger further bearish momentum back towards 124.00 area but that will take me to a neutral zone from longer term point of view.
The GBPJPY is in critical technical phase as price is now struggling around the major trendline resistance. So far price still able to move above the trendline, so I still prefer a bullish scenario targeting 145.85 but we need a consistent move above the trendline resistance to continue the bullish scenario. Otherwise, a movement back below the trendline could produce a false breakout scenario which could trigger further bearish momentum towards 140.85 area and keep the long term bearish outlook intact. Immediate support at 142.90.
The AUDUSD made a significant bullish momentum, break above the broadening formation, confirms the bullish continuation scenario after RBA raised the rate at 4.25% as expected. The bias is bullish in nearest term targeting 0.9326 – 0.9404 area. Immediate support at 0.9250. Break below that area could trigger further bearish correction testing the upper line of the broadening formation. A movement back inside the formation should lead us into no trading zone as direction would become unclear.
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