The EURJPY was unable to continue its bullish momentum yesterday. The bias is neutral in nearest term. My overall intraday bias remains to the upside since the break above the trend line resistance but would need a clear break above 117.88 key resistance area to continue the bullish scenario testing 119.77 even 123.31 region. Immediate support at 117.00. A clear break below that area could trigger further bearish pullback testing 116.00 – 115.80 support area.
The GBPJPY was indecisive yesterday made a Doji on daily chart. There are no changes in my daily outlook. The bias is neutral in nearest term but overall price is still in a bullish correction phase since the appearance of the falling wedge formation still testing key intraday resistance at 130.20. A clear break above that area could trigger further bullish pullback testing 132.30. On the downside, key support area remains around 128.20. A clear break below 128.20 could continue the major bearish scenario testing 127.77 and 125.95 region and stop the falling wedge bullish scenario.
The AUDUSD was corrected lower yesterday and hit 1.0682 earlier today in Asian session after unable to make a clear break above 1.0770 key resistance area. We have a H&S formation as you can see on my h4 chart below suggests potential downside scenario especially if price breaks below the neckline which is located around 1.0670 testing 1.0600 and 1.0500 support area. On the upside, only a movement back above 1.0770 would cancel the H&S bearish scenario aiming for 1.0877 even retesting all time high 1.1010.
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