Daily Forecast for Crosses: February 16

By @ibtimes on

EURJPY Forecast

The EURJPY continued its bullish momentum and back above 113.00 earlier today in Asian session. The bias is bullish in nearest term targeting 114.00 – 114.90 especially if price able to make a clear break above 113.50. On the downside, another move back below 113.00 would lead us to a neutral zone in nearest term which could also open the door for further bearish pullback testing 112.30/00 support area, but overall we are still in major bullish phase and I still prefer a bullish scenario.

GBPJPY  Forecast

The GBPJPY made a significant bullish momentum yesterday, break above 134.20 and hit 135.42. The bias is bullish in nearest term targeting 136.50 before testing 137.75. Immediate support at 135.00. Break below that area could lead us to neutral zone in nearest term but as long as price stays above 134.20 we are still in strong bullish phase.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, slipped below the rising wedge but further bearish pressure was still limited. The bias is neutral in nearest term. There are no changes in my daily technical outlook and I am still in my wait and see mode. Looks like the lower line of the rising wedge is a good support at this phase along with 0.9960/40 support area. A clear break below that area would be an early signal of a bearish correction/reversal scenario at least targeting 0.9800. Immediate resistance remains around 1.0070. Clear break above that area could trigger further bullish pressure testing 1.0140 – 1.0200/56.

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