EURJPY Forecast

The EURJPY failed to continue it’s bullish momentum yesterday. The pair attempted to push higher, topped at 136.07 but further bullish momentum was rejected and closed lower at 134.97. On h4 chart below we can see that after violated the bearish channel (red) to the upside, the pair is making a new bullish channel (blue) but price retreated to the downside headed toward the bullish channel lower line and the bearish channel upper line area. A pullback to the downside after breakout from bearish channel is often happen and as long as the new bullish channel hold, the bullish scenario in medium term remains intact. However the bias is bearish in nearest term as the price may retreat further to the downside testing the bullish channel lower line. I prefer to stay out for now. Immediate support at 134.85 – 134.20 area. Break below that area could trigger further bearish momentum and could be a potential threat to the bullish scenario. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.

GBPJPY Forecast

The GBPJPY attempted to push higher yesterday, topped at 156.80 but further bullish scenario was rejected as the pair whipsawed to the downside, hot the bottom at 154.81 and closed at 155.08. On h4 chart below we can see that it was a case of a false breakout from the triangle. We have some downside pressure as the pair seems ready to test the lower line of the triangle. A breakdown after a false breakout usually lead to significant bearish momentum, so if we have a breakdown to the triangle today, the Sterling may fall further against the Yen. Immediate support is seen at 154.00. A Clear break below that area should trigger further bearish momentum. Initial resistance at 156.80 area (yesterday’s high).

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 0.8427 but further bullish momentum was rejected as the pair closed lower at 0.8373. On h4 chart below we can see that after breakout above the trendline resistance, the pair now retreat to the downside testing the trendline which is now become a support. The bias is neutral in nearest term but if the trendline violated to the downside we may have further bearish momentum towards 0.8261 area. Immediate resistance at 0.8450 – 0.8500 area. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.