EURJPY Forecast

The EURJPY attempted to push lower yesterday but failed to move consistently below 129.00 support area and now moving higher around 131.04 at the time I wrote this comment. I think the bias should remains bullish in nearest term triggered by hammer candlestick formation testing 131.75 and the trendline resistance area (red). As long as the terndline resistance hold, bullish correction is expected to be a minor trend while major trend remains bearish. However violation to the upside of the trendline resistance should be seen as bearish failure and potential bullish scenario. I will stand aside for now based on conflicting short and longer term trend and bad risk-reward ratio.

GBPJPY Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 141.02 but closed higher at 141.96 and now continue to move higher around 143.45 at the time I wrote this comment. It seems like the bullish correction scenario trigger by hammer formation remains intact at least testing 144.60 area.  Expected range at 144.60 – 140.90. I prefer to stay away from the market for now. The market seems hesitating as technically the major bias remains bearish but intervention threat by the Japanese government still provides long position opportunity every time price attempt to push lower. I think I will stay away for now and wait for further development. I have conflicting trends, intervention threat, and bad risk-reward ratio. So now is surely a bad time to trade for me.

AUDUSD Forecast

The AUDUSD had a limited bullish yesterday, slipped above 0.9180, topped at 0.9192 but unable to closed above 0.9180 and traded lower around 0.9131 at the time I wrote this comment. The bias is neutral in nearest term and I think we are in no trading zone now. The bullish correction scenario trigger by hammer formation after touched the bottom at 0.8915 remains intact but need consistent move above 0.9180 to continue bullish targeting 0.9250 and 0.9327. Immediate support at 0.9092 followed by 0.9030. Break below 0.9030 should trigger further bearish momentum re-testing 0.8915 area.