The EURJPY didn’t make significant movement yesterday but overall still able to maintain its bullish short term bias after the false breakdown below 105.60. The bias is bullish in nearest term testing 107.45. The bearish scenario since the break below the trend line support should remain intact. I still prefer a bearish scenario at this phase with sell on rallies strategy and only a clear break and daily close above 107.45 could stop the bearish scenario and probably reactivate my bullish mode.
The GBPJPY continued its bullish momentum yesterday, topped at 130.42 and hit 130.66 earlier today. The bias is bullish in nearest term testing 131.00 – 131.50 area. Immediate support is seen around 130.00. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 129.00 I still prefer a bullish scenario at this phase with buy on dips strategy.
The AUDUSD failed to continue its bullish momentum yesterday and unable to stay consistently above 1.0400 so far. The bias is neutral in nearest term but overall I remain bearish on this pair and only a clear break and daily close above 1.0450 would activate my wait and see mode. On the downside, we need a clear break and daily close back below 1.0300 to keep the bearish scenario remains strong testing 1.0200 or lower.
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