The EURJPY was corrected lower yesterday and slipped below 120.75 earlier today in Asian session. The bias is bearish in nearest term testing 119.30 as we are now in bearish correction phase but note the major bullish scenario remains intact. I don’t expect any movement below 119.30, but a clear break below 119.30 could trigger further bearish pullback testing 118.00 even 116.00 support area. Immediate resistance at 121.50. A clear break above that area would lead us to neutral zone in nearest term and only a clear break above 122.59 would end this bearish consolidation phase, still targeting 125.44 and 127.90.
The GBPJPY had a bearish momentum yesterday after broke below the range area as you can see on my h1 chart below and hit 135.96 earlier today in Asian session. The bias is bearish in nearest term testing 135.00. Immediate resistance at 137.50. A clear break above that area would lead us to neutral zone in nearest term testing 138.00 but only a clear break above 139.00 would end this bearish correction phase.
The AUDUSD was corrected lower yesterday and hit 1.0388 earlier today in Asian session. The bias is bearish in nearest term testing 1.0330 but unless price fall below 1.0200 the major bullish outlook should remains strong. On the upside, we need a clear break above 1.0500 to end this bearish correction phase still targeting 1.0650 – 1.0700 new all time high projection.
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