The EURJPY continued its bearish momentum yesterday, bottomed at 107.71 an hit 107.22 earlier today in Asian session. The bias remains bearish in nearest term but I think we have an important support around 107.30 area as it is the lower line of the range area on monthly chart which potentially provide a strong support at this phase. Break below that area could trigger further bearish pressure testing 106.75 (November 2001 low) and 105.50 (September 2001 low). Immediate resistance at 108.25 followed by 109.20.
The GBPJPY continued its bearish momentum yesterday, bottomed at 132.02 and hit 131.16 earlier today in Asian session. The bias is bearish in nearest term testing 130.83. Immediate resistance at 132.00. Break above that area could lead us into neutral zone in nearest term but overall we are still in bearish scenario and I prefer short on rallies strategy at this phase.
The AUDUSD attempted to push higher yesterday, topped at 0.8981 but closed lower at 0.8913. The bias is neutral in nearest term but we have potential descending triangle as you can see on my h4 chart below indicating potential bearish scenario especially if price able to move consistently below 0.8858 key support area testing 0.8715. Immediate resistance at 0.8981 (yesterday’s high). Break above that area could trigger further upside pressure testing 0.9040.
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