EURJPY Forecast

The EURJPY bearish momentum was stopped yesterday. Price attempted to push lower, bottomed at 99.23 but whipsawed to the upside and closed at 100.34. The bias is neutral in nearest term. Immediate support is seen around 100.00. A clear break below that area could trigger further bearish scenario retesting 99.00/23. On the upside, a clear break and daily close above 100.74 would keep the bullish scenario since bounced from 97.02 remains strong testing 102.48.

GBPJPY  Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 119.57 but whipsawed to the upside and closed at 120.72. The bias is bullish in nearest term testing 121.50 but overall price has been moving sideways since Monday with potential weekly range between 122.62 – 119.35. Immediate support is seen around 120.30. A clear break below that area could lead price to neutral zone in nearest term but would reopen the door for another downside pressure testing 119.57/35.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday and slipped above 1.0751 earlier today. As you can see on my daily chart below, price is now testing a key major resistance around 1.0751. This level has been tested twice in the past and now is the third time. The bias is bullish in nearest term especially if price able to make a clear break above 1.0751 testing 1.0800 region. From a longer term outlook, a clear break and daily close above 1.0751 could create further bullish scenario testing 1.1010 even retesting the record high at 1.1079. Immediate support is seen around 1.0680. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.0600 the bullish intraday scenario should remain strong as a part of the bullish scenario after the breakout above the ascending triangle. Price is in a critical point now and if 1.0751 major resistance hold, a major bearish reversal scenario might be produced, just like two previous bearish reversal movement after failed to break above 1.0751.

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