The EURJPY continued its bullish momentum yesterday, topped at 112.29 and hit 112.47 earlier today in Asian session. The bias is bullish in nearest term testing 113.00. Break above that area could trigger further bullish momentum targeting 114.90. Immediate support at 112.00. Break below that area could lead us to neutral zone in nearest term but as long as price stays above 111.60 – 110.80 the major bullish scenario remains intact.
The GBPJPY attempted to push lower after the false breakout above 133.00, bottomed at 131.55 but closed higher at 132.20 in a volatile market. The bias is neutral in nearest term but as you can see on my h4 chart below, we have a rising wedge formation which is a bearish formation especially if price break below the wedge and 131.55 testing 130.40 and 129.30 support area. On the upside, 133.00 should remain a strong resistance and need to be clearly broken to the upside to continue the bullish scenario targeting 134.20 even higher.
The AUDUSD made another volatile but indecisive movement yesterday, made another Doji on daily chart. There are no changes in my daily technical outlook. The bias remains neutral in nearest term. Overall we are still in a strong bullish phase re-testing 1.0256 but would need a clear break above 1.0188. On h4 chart below we can see the lower line of the minor bullish channel still did a good job preventing further downside pressure. A clear break below the bullish channel and 1.0100 could trigger further bearish pullback testing 1.0050 – 1.0020 support area. Note that price is now testing the psychological/all time high which could be a very strong resistance.
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