Daily Forecast for Crosses: February 26

The EURJPY attempted to push lower yesterday, bottomed at 119.64 but closed higher at 120.71 and keep moving higher around 121.04 at the time I wrote this comment. The bias is neutral in nearest term and I think we are in no trading zone area but the main outlook should remain bearish. On h4 chart below we can see that price is testing the upper line of the minor bearish channel. Although the main trend should remain bearish, violation to the minor bearish channel should trigger further upside correction testing 123.00 area.

GBPJPY Forecast

The GBPJPY had a significant bearish momentum yesterday, bottomed at 134.95 , closed higher at 135.99 and keep corrected higher around 136.23 at the time I wrote this comment. This fast should keep the bearish scenario intact with technical target around 131.50 area. The nearest bias is neutral as price already in extreme oversold area and show some signs of potential upside correction but as long as price stay below 137.30 I still prefer a bearish scenario today.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.8801 but closed higher at 0.8881. The bias is neutral in nearest term but overall I still prefer a bearish scenario at this phase. Immediate resistance at 0.8910/20 area. Break above that area should trigger further bullish correction testing 0.9040. Initial support at 0.8801 – 0.8780 area. Consistent move below that area should trigger further bearish scenario targeting 0.8576 area in longer term.