Daily Forecast for Crosses: February 08

The EURJPY made indecisive movement on Friday. On h4 chart below we have a hammer formation indicating potential upside pullback after significant bearish momentum on Thursday, especially if price able to move consistently above 122.10, testing 123.30 today. Initial  support at 120.69 (Friday’s low). Break below that area should continue the bearish scenario towards 117.50 in longer term.

GBPJPY Forecast

The GBPJPY attempted to push lower on Friday, bottomed at 138.23 but closed higher at 139.69. I still prefer a bearish scenario at least targeting 137.80 area but the nearest bias is neutral. CCI in oversold area and heading up on h4 chart suggesting potential upside pullback testing 140.28. Break above that area could trigger further upside correction testing 141.50 resistance area. Initial support at 139.30. Consistent move below that area should trigger further bearish momentum.

AUDUSD Forecast

The AUDUSD made indecisive movement on Friday. Price attempted to push lower, bottomed at 0.8576 but closed higher at 0.8670. The bias is neutral in nearest term but overall I still prefer a bearish scenario with sell on rallies strategy. Expected range at 0.8575 – 0.8780.