EURJPY Forecast

The EURJPY failed to continue its bullish correction yesterday after unable to make a break above 111.25 resistance area and hit 110.09. The bias is neutral in nearest term but the bullish failure could create a bearish intraday view testing 109.45 support area. A clear break and daily close below 109.45 would reopen the door for another retest of 106.57 and keep the major bearish scenario remains strong. Immediate resistance is seen around 110.75. A clear break above that area could change the intraday bias back to bullish retesting 111.25 and would reopen the door for further bullish correction testing 112.90 – 113.40 and the trend line resistance. 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.

GBPJPY  Forecast

The GBPJPY was indecisive yesterday but overall still able to maintain its bullish correction bias. The bias is neutral in nearest term. Any bullish pullback now is normal and should be seen just as a corrective move unless price breaks above the trend line resistance. Immediate support is seen around 125.75. A clear break below that area could change the intraday bias back to bearish testing 125.27 – 124.85 support area. On the upside, we need a clear break above 126.40 to continue the bullish correction scenario testing 127.02 and the trend line resistance.

AUDUSD Forecast

The AUDUSD was volatile but indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term with potential intraday range between 1.0525 – 1.0369. Price is still in a bullish intraday phase since the strong upside pullback after touched the trend line support, but need a clear break above 1.0525 to continue the bullish scenario. On the other hand, a clear break below 1.0369 could reopen the door for another retest of the trend line support.

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