EURJPY Forecast

The EURJPY continued its bearish pressure yesterday, bottomed at 109.56 but corrected higher earlier today in Asian session, hit 110.38. The bias is neutral in nearest term. Overall we are still in the rising wedge bearish scenario but would need a clear break below 109.50 to continue the bearish pressure targeting 108.33. Immediate resistance at 110.70 (yesterday’s high) followed by 111.60/90.

GBPJPY  Forecast

The GBPJPY continued its bearish bias yesterday, bottomed at 129.56, closed at 129.88. The bias remains bearish in nearest term still targeting 129.33. Clear break below that area could trigger further bearish pressure testing 127.00 – 126.50 support area this week. Immediate resistance at 130.84. A clear break above that area could trigger further upside pullback testing 132.00 and could lead us to a ranging market as we are now entering Christmas season and the end of the year. My intra-day risk-reward ratio looks not so good now so I think I will stand aside and see further development.

AUDUSD Forecast

The AUDUSD began the week with a bullish momentum yesterday, topped at 0.9948 and hit 0.9972 earlier today in Asian session. The bias is bullish in nearest term challenging 1.0000/27 psychological and key resistance area. Clear break above that area could trigger further bullish scenario re-testing all time high at 1.0182 this week. The rising wedge bearish scenario is in a serious threat now as the trend line support (red) did a good job preventing further bearish pressure. Immediate support at 0.9900. Break below that area could trigger further bearish pressure re-testing the trend line support, but only a clear break below the trend line support would give further validation to the bearish reversal scenario.

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