EURJPY Forecast

The EURJPY had a significant bullish momentum yesterday, broke above the range area. The bias is bullish in nearest term testing 102.48/97 area. However it is too early for a bullish reversal scenario and as long as stays below the trend line resistance (white) the major bearish scenario remains intact and the current short term bullish momentum should be considered just as a normal corrective movement. Immediate support is seen around 101.80. A clear break back below that area could lead price to a neutral zone in nearest term testing 101.36 – 100.74 support area.

GBPJPY  Forecast

The GBPJPY had a significant bullish momentum yesterday, topped at 122.15 and closed at 121.96. The bias is bullish in nearest term testing 122.62. However note that we still need a clear break and daily close above 122.62 to stop the bearish intraday outlook and give another chance for the double bottom bullish reversal scenario to regain its momentum testing 124.00 – 125.50. Immediate support is seen around 121.10. A clear break below that area could lead price to neutral zone in nearest term but would give another chance for the bearish scenario testing 120.00 – 119.35.

AUDUSD Forecast

The AUDUSD had a significant bullish momentum yesterday after broke above 0.9968, topped at 1.0093 and hit 1.0174 earlier today in Asian session. The bias is bullish in nearest term testing 1.0250 and the upper line of the triangle as you can see on my h4 chart below. However note that as long as moving inside the triangle, the long term outlook remains neutral for this pair. I still prefer a major bearish reversal scenario after the fall from record high but a clear break above the triangle would cancel the bearish reversal scenario. Immediate support is seen around 1.0080. A clear break below that area could lead price to neutral zone in nearest term and would keep price stays inside the triangle for a little bit longer.

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