The EURJPY continued its bearish momentum yesterday, bottomed at 98.46 and closed at 98.70. The bias remains bearish in nearest term testing 98.00 – 97.00 region. Immediate resistance is seen around 99.00. A clear break back above that area could lead price to neutral zone in nearest term but any upside pullback now is normal and as long as stays below 100.74 I still prefer a bearish intraday scenario at this phase with sell on rallies strategy.
The GBPJPY was indecisive yesterday. The bias is neutral in nearest term but as long as stays below 122.62 my overall intraday bias remains to the downside. Immediate resistance is seen around 120.00. A clear break above that area could trigger further bullish pressure testing 121.00/50 but only a clear break back above 122.62 would stop the bearish intraday outlook and give the double bottom bullish reversal scenario another chance. Immediate support is seen around 119.16 – 118.96 area. A clear break and daily close below that area could trigger further bearish pressure testing 118.25 – 117.75 support area.
The AUDUSD had a bearish momentum yesterday on broad US Dollar strength, bottomed at 1.0230, hit 1.0205 earlier today and traded around 1.0245 at the time I wrote this comment. The bias is neutral in nearest term. My overall intraday bias remains to the upside after the breakout above the triangle, but a clear break and daily close below 1.0200 would stop the bullish outlook and a movement back inside the triangle would give another chance for the bearish reversal scenario after hit record high several months ago. Immediate resistance is seen around 1.0270. A clear break above that area could trigger further bullish pressure testing 1.0370 – 1.0400 resistance area.
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