EURJPY Forecast

The EURJPY attempted to push lower yesterday bottomed at 120.14 but closed higher at 121.28. The bias is neutral in nearest term. The major outlook remains bullish but we have a CCI bearish divergence as you can see on my daily chart below suggests potential bullish exhaustion and bearish pullback. Expected daily range at 122.59 – 119.30. Immediate resistance at 122.00. A clear break above that area would change the intraday bias to bullish testing 122.59. A clear break above 122.59 could end the current bearish correction phase but we need a clear break above 123.31 to continue the major bullish scenario. Immediate support at 120.75. A clear break below that area would change the intraday bias to bearish testing 119.30.

GBPJPY  Forecast

The GBPJPY continued its bearish intraday bias yesterday but still unable to break below 135.00 support area. Price is still in a strong bearish correction phase but need a clear break below 135.00 to continue the bearish phase, even could lead us to a bearish reversal scenario at least testing 133.50. Immediate resistance at 137.50, which I think is the best place for a short intraday position with good risk – reward ratio. A clear break above 137.50 would halt the current strong bearish correction phase but we need a clear break above 139.67 to end the bearish correction and continue the major bullish scenario since the intervention.

AUDUSD Forecast

The AUDUSD was volatile but indecisive yesterday. The bias is neutral in nearest term. The major outlook remains strongly bullish, but we have a CCI bearish divergence as you can see on my daily chart below suggests potential bullish exhaustion and bearish correction still testing 1.0330, but only a clear break below 1.0200 could be a threat to the current major bullish outlook. Immediate resistance at 1.0500. A clear break above that area would change the intraday bias to bullish testing 1.0581. Immediate support at 1.0430. A clear break below that area would change the intraday bias to bearish at testing 1.0388/30 support area.

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