The EURJPY continued its bearish momentum on Friday, bottomed at 106.93 and now struggling around 107.30 support area. The bias remains bearish in nearest term targeting 106.25 before testing 105.42. Immediate resistance at 107.60. Break above that area could lead us to neutral zone in nearest term testing 108.00/50 but overall we are still in strong bearish outlook for this pair.
The GBPJPY still maintain its bullish correction bias on Friday but still struggling around 129.30 key resistance area. The bias is bullish in nearest term especially if price able to move convincingly above 129.30 targeting 130.30 and could be an early signal of a bullish reversal scenario. Immediate support at 128.50 and the lower line of the bullish channel as you can see on my h1 chart below. Clear break below that area could trigger further bearish pressure testing 128.00 – 127.50 support area and could be an early signal of bearish continuation scenario testing 126.50 even lower.
The AUDUSD was indecisive on Friday, made a Doji on daily chart. The bias is neutral in nearest term but still within the context of a bearish correction phase after made a new all time high at 1.0256 on the last day of 2010. Immediate resistance at 0.9987 followed by 1.0075. Break above 1.0075 could end the short term bearish correction phase re-testing 1.0182 – 1.0256 historical high levels. Initial support at 0.9900. Clear break below that area could trigger further bearish correction continuation testing 0.9860 – 0.9830 support area before testing 0.9750 area.
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