EURJPY Forecast

The EURJPY was indecisive on Friday, made a Doji on daily chart. My overall technical bias remains to the downside as long as price stays below the trend line resistance but the movement back above 109.45 earlier today in Asian session stops the strong intraday bearish bias for now.  Broad Yen strength likely to stay in the market and so far there is no technical sign of potential bullish correction/reversal and the only threat to the current strong Yen appreciation is the intervention by the Japanese government. On the downside, another clear break below 109.45 would change the intraday bias back to bearish again retesting 108.90/50 support area which keep the bearish bias remains strong and reopen the door for another downside attempt targeting 106.57. Immediate resistance is seen around 110.50. A clear break above that area could trigger further bullish pullback testing 111.25 region and would open the door for further bullish pullback testing the trend line resistance.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive on Friday. As long as price stays below the trend line resistance my overall technical bias remains to the downside and I still prefer a bearish scenario at this phase but the rejection to make a break below 122.93 last week could trigger further bullish pullback testing the trend line resistance especially if price able to make a clear break above 125.60. Broad Yen strength likely to stay in the market and so far there is no significant technical sign of potential bullish correction/reversal and the only threat to the current strong Yen appreciation is the intervention by the Japanese government. On the downside, another clear break below 124.85 could change the intraday bias back to bearish and reopen the door for another retest of 122.93.

AUDUSD Forecast

The AUDUSD failed to continue its bearish correction last week, bounced significantly higher and slipped back above 23.6% Fibo retracement of 0.8066 – 1.1079 as you can see on my daily chart below. The bias is bullish in nearest term especially if price able to make a clear break above 1.0450 testing 1.0525. Immediate support is seen around 1.0300. A clear break below that area could trigger further bearish pressure testing 1.0250 and 1.0170 which would keep the bearish correction from the all time high 1.1079 remains strong, retesting the trend line support.

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