EURJPY Forecast

The EURJPY made a significant technical move yesterday by convincingly break above the trend line resistance as you can see on my h4 chart below. This fact suggests a bearish failure and a beginning of a new bullish phase targeting 111.60 in nearest term. Immediate support at 109.50. Clear break below that area could lead us to neutral zone in nearest term and activate my wait and see mode as direction would become unclear.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term but still within the context of a bullish reversal scenario with nearest target around 133.00 especially if price able to make another strong breakout above 131.40 resistance area. Immediate support at 130.00. Clear break below that area could trigger further bearish pullback but as long as price stays above 129.30 I still prefer a bullish scenario at this phase.

AUDUSD Forecast

The AUDUSD was volatile but indecisive yesterday. Overall we are still in potential big downside correction scenario after hit the all time high, but broad Dollar weakness this week and the double bottom formation may suggest some upside pullback for now and my bearish mode will be re-activated by a movement below the double bottom around 0.9800. The bias is neutral in nearest term. Immediate resistance at 1.0020. Clear break above that area would give the double top bullish scenario further validation re-testing 1.0182. Immediate support at 0.9885. Break below that area could trigger further bearish pressure testing the double bottom formation around 0.9800.

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