Daily Forecast for Crosses: April 07

By @ibtimes on

EURJPY Forecast

The EURJPY continued its bullish bias yesterday, topped at 122.59 but corrected lower earlier today in Asian session hit 121.68. The bias is neutral in nearest term but overall my technical outlook remains strongly bullish targeting 125.44 and 127.90. Immediate support at 121.68 (current low). A clear break below that area would change the intraday bias to bearish testing 121.20 support area but overall I still prefer a bullish scenario for this pair. On the upside, a clear break above 122.59 would continue the bullish momentum and end the current bearish correction phase.

GBPJPY  Forecast

The GBPJPY continued its bullish momentum yesterday topped at 139.67 but corrected lower earlier today in Asian session and hit 138.65. The bias is bearish in nearest term testing 138.10 support area but note that the current bearish pressure should be seen as a normal correction after strong bullish run since the intervention and I still prefer a bullish scenario at this phase.  On my h1 chart below we can see price is moving in a range area between 139.67 – 138.10 indicates consolidation. A clear break above the range would continue the major bullish scenario testing 142.00 and 145.95.

AUDUSD Forecast

The AUDUSD continued it bullish momentum yesterday after made a clear break above 1.0370 and hit another new all time high at 1.0481 earlier today in Asian session. The bias remains bullish in nearest term testing 1.0500 – 1.0550 new all time high projection. Immediate support at 1.0419 (current low). A clear break below that area would lead us in neutral zone in nearest term and lead us to bearish consolidation phase testing 1.0370 (former resistance) but overall I think the bullish scenario should remain strong.

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