EURJPY Forecast

We have a volatile market yesterday. The pair attempted to push lower, hit my short target at 134.50, bottomed at 134.06 but whipsawed to the upside, hit the top at 137.15 and closed at 136.49. On h4 chart below we can see that after had some bearish momentum since breakdown from the trendline support (now resistance), the pair retreated to the upside towards the trendline. This kind of movement often happen and although diminished by current upside pressures, as long as the pair able to stay below the trendline, the bearish scenario remains intact. Immediate support at 135.70. Break below that area should trigger further bearish momentum. Initial resistance at 137.15. Break above that area should be seen as bearish failure and  trigger further bullish momentum targeting 138.50 area.

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GBPJPY Forecast

The GBPJPY also had volatile market and technically a mess yesterday. On h4 chart below we can see that after had some bearish momentum since break below the trendline support (now resistance) and lower border of the broadening formation, bottomed at 155.94, the pair whipsawed to the upside, back inside the broadening formation and now testing the trendline resistance (former support). While medium term bias remains unclear, a consistent move above 158.50 area could trigger further upside pressures testing 160.20 area in nearest term. Immediate support at 157.80. A clear break below that area should trigger further bearish momentum towards 156.50 area. CCI in neutral area on h4 chart.

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AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.8178 but whipsawed to the upside, topped at 0.8370 and closed at 0.8338. This fact keep the bullish medium intact. On h1 chart below we have bullish channel indicating bullish view. The bias is bullish in nearest term targeting 0.8450 – 0.8500 area. CCI in overbought area and heading down on h1 chart so watch out for potential downside correction testing 0.8300 support area.

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