The EURJPY continued its bullish momentum yesterday, topped at 113.18 and now struggling around that area. The bias remains bullish in nearest term targeting 114.00 before testing 114.90 this week. Immediate support at 112.80. Break below that area would lead us to neutral zone testing 112.15/00 support area but only a break below 110.80 could be a threat to the bullish outlook.
The GBPJPY continued its upside pressure and now struggling around 133.00 key resistance area. A clear break above 133.23 not only would change the intraday bias to bullish but also could lead us to a new bullish phase targeting 134.20 even higher. On the downside, note that the rising wedge formation remains a serious threat to the bullish outlook especially if price breaks below the wedge and 132.00 support area testing 130.40 and 129.30.
The AUDUSD had a significant bearish movement earlier today in Asian session, break below the minor bullish channel and hit 1.0055. The bias is bearish in nearest term testing 1.0050 – 1.0020 support area. A break below 1.0020 could trigger further bearish pressure testing 0.9950 – 0.9900. Immediate resistance at 1.0130. Break above that area would change the intraday bias to bullish testing 1.0200 – 1.0256. Although overall the technical bias remains strongly bullish, I’d like to remind us about long term outlook on the daily chart, where rising wedge and triple top formation at the all time high can be a very strong resistance and could create potential big bearish pullback.
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