The EURJPY continued its bullish momentum last week, closed at 104.49 on Friday. Price gapped up earlier today, opened higher at 105.49. This gap might be filled and any downside pullback now is normal but my overall intraday bias remains strongly to the upside and I still prefer to buy on dips with nearest bullish target now seen around 106.50. On the downside, a clear break and daily close below 104.50 could postpone the bullish scenario but as long as stays above the trend line support (blue, see my daily chart below) my overall technical outlook remains to the upside.
The GBPJPY had a strong bullish momentum last week, closed at 125.84 and hit 126.57 earlier today. The bias remains bullish in nearest term testing 127.28. Immediate support is seen around 125.50. A clear break below that area could lead price to neutral zone in nearest term but any downside pullback now is normal and overall I still prefer a bullish intraday scenario at this phase with buy on dips strategy as a part of the bullish reversal scenario after the breakout above the trend line resistance and movement above 200-daily-EMA.
The AUDUSD failed to continue its bullish momentum on Friday, closed lower at 1.0703 but gapped up earlier today, opened higher at 1.0791. The gap might be filled and another downside pullback might happen but any downside movement now is normal. In fact, that could give us better price for a long position. As long as price stays above the trend line support and 1.0600 I still prefer to buy on dips still targeting 1.0850 – 1.0900.
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