The EURJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but still within the context of a major bullish scenario targeting 113.00 and 114.90 area. As long as price stay below 113.00, I am still expecting a minor bearish correction near 111.60 to go long, looking for a better risk-reward ratio. Another scenario is to long above 113.00, targeting 114.90 with stop loss below 113.00.
The GBPJPY didn’t make significant movement yesterday. There are no changes in my daily technical outlook and strategies where aggressive traders can long around 130.40 with stop loss below 129.30 targeting 133.00, while conservative traders can long around 129.30 with smaller stop loss and same target at 133.00. I am always looking for a good risk-reward ratio before jump into the market. No matter how strong the technical bias and momentum, without good risk-reward ratio, it’s a no trade zone for me.
The AUDUSD attempted to push higher yesterday, but found a good resistance around 1.0020 as you can see on my h4 chart below, gives us further validation of a range market condition between 1.0020 – 0.9800. There are no changes in my daily technical outlook where aggressive traders can still short around 1.0020 or long around 0.9800 with tight stop loss, trying to take advantage of this sideways market. We need a clear break on either side to see clearer direction. I still believe that price is in a big bearish correction scenario and prefer a bearish outlook but as always, I will react to any facts and real price actions in the market, regardless of my expectation.
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