EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 112.60 but closed higher above 113.00 indicates the upside pressure remains alive and kicking. The bias remains bullish in nearest term targeting 114.00 before testing 114.90. Immediate support at 112.60. A break below that area could  trigger further bearish pullback testing 112.00 – 111.60 but as long as price stays above 110.80 the major bullish outlook remains intact.

GBPJPY  Forecast

The GBPJPY had a significant bullish momentum yesterday, topped at 134.22 and closed at 134.05. The bias remains bullish in nearest term but note that we may have a strong resistance around 134.20 and need another clear and strong break above that area to continue the bullish scenario targeting 135.00/50. Immediate support at 133.85/70. Break below that area could lead us to neutral zone in nearest term testing 133.00.

AUDUSD Forecast

The AUDUSD had a bearish momentum yesterday, bottomed at 1.0004 and hit 0.9978 earlier today in Asian session. On my daily chart below we can see price seems ready to test the lower line of the rising wedge formation and 0.9940/50 support area in nearest term. A clear break below that area could be an early bearish reversal signal at least testing 0.9800. Like I said, we have rising wedge and triple top formation, both not only signaling a bearish correction but a potential bearish reversal scenario which in my opinion make sense after hit all time high. Immediate resistance at 1.0030 (current high). Break above that area could lead us to neutral zone in nearest term testing 1.0065 – 1.0130 resistance area.

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