EURJPY Forecast

The EURJPY was corrected higher yesterday, topped at 108.25 and closed at 108.10. The bias remains bullish in nearest term testing the trend line resistance and 109.00 – 109.50 but note that as long as price stay below the trend line resistance the major scenario remains bearish. Immediate support at 107.70. Break below that area could lead us to neutral zone in nearest term testing 107.05 and could end the bullish correction phase with 106.25 and 105.42 as bearish targets.

GBPJPY  Forecast

The GBPJPY made a significant upside breakout above 129.30 strong resistance area yesterday, topped at 130.34 and closed at 129.99. The bias is bullish in nearest term and my bullish reversal scenario is now confirmed at least targeting 131.40 area. On the downside, another move below 129.30 could be a threat to the bullish reversal scenario as a false breakout scenario could be produced at least testing 128.75 support area.

AUDUSD Forecast

The AUDUSD continued its bearish momentum yesterday, bottomed at 0.9803 and closed at 0.9817. The bias remains bearish in nearest term testing 0.9750/30 support area. However, note that we haven’t seen bullish correction since the strong bearish momentum from 1.0256 (a look at daily chart will help) so any upside correction now is normal but overall we are still in bearish scenario with 0.9550 as potential downside target. Immediate resistance at 0.9885. Break above that area could lead us to neutral zone in nearest term testing 0.9987 resistance area.

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