EURJPY Forecast

The EURJPY had a significant bearish momentum yesterday. On daily chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish view testing 121.40 area. However we saw an upside pullback earlier today in Asian session indicating potential upside rebound testing the lower line of the bullish channel but as long as price able to stay below the channel the bias should remain to the downside. Immediate resistance at 123.40 area. Break above that area and a movement back inside the bullish channel could produce a false breakdown scenario which usually lead to significant bullish momentum and keep the bullish scenario intact.

GBPJPY Forecast

The GBPJPY had a significant bearish momentum yesterday, bottomed at 141.60 and closed at 142.33. The bias is bearish in nearest term but as you can see on daily chart below the trendline support still does a good job preventing further bearish pressure, keep the major bullish scenario intact. We are in a critical and tricky technical phase now. Break below the trendline support could trigger further bearish momentum targeting 139.40 area. Immediate resistance at 143.20. Break above that area should trigger further bullish momentum and keep the bullish scenario intact. I think I will stay away from this pair for now.

AUDUSD Forecast

The AUDUSD had a significant bearish momentum yesterday. On daily chart below we can see that price slipped below the support line but still unable to consistently move below the support line as price made an upside pullback earlier today in Asian session. The bullish scenario surely in a serious threat but the fact that we saw a rejection below the support line should keep the major bullish scenario intact. We need a consistent move below that support line to confirm bullish failure and potential bearish reversal scenario. Immediate support at 0.9135 area. Break below that area could trigger further bearish momentum. Initial resistance at 0.9250. I think I will stay away from this pair for now and wait for further development.

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