Daily Forecast for Crosses: December 03

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EURJPY Forecast

The EURJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. Immediate resistance at 111.19 and the trend line resistance as you can see on my h4 chart below. Break above that area could trigger further bullish pressure testing 111.91. Initial support at 109.85. Break below that area could trigger further bearish pressure testing 109.00 and 108.40/30 key support area and keep the major bearish scenario remains strong.

GBPJPY  Forecast

The GBPJPY failed to continue its bullish correction yesterday, bottomed at 130.18 and closed at 130.50. On h4 chart below we can see price is now testing the lower line of the bullish channel. A violation to the bullish channel could end the bearish correction phase testing 129.83 even 128.90. Immediate resistance at 130.84. Break above that area would keep the bullish correction scenario intact testing 132.00.

AUDUSD Forecast

The AUDUSD continued its bullish correction yesterday, break above 0.9710 and now testing 0.9778 resistance area. The bias is bullish in nearest term especially if price able to make a clear break above 0.9778 testing 0.9850. Immediate support at 0.9710. Break below that area could trigger further bearish pressure testing 0.9650/20 support area and keep the bearish reversal scenario remains strong but bearish continuation would have further validation only by a clear break below 0.9550.

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