EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 109.14 but whipsawed to the upside, topped at 110.84 and closed at 110.48. On daily chart below we can see that price slipped above the falling wedge formation indicating potential bullish reversal scenario at least testing 111.70 area. On the downside, another movement back below the falling wedge formation could lead us into neutral zone. Immediate support at 109.90 followed by 109.14 (yesterday’s low).

GBPJPY Forecast

The GBPJPY was volatile but indecisive yesterday. On daily chart below we can see price still moving inside the triangle. The bias is neutral in nearest term but CCI about to cross the -100 line down on daily chart suggesting more downside probability especially if price break below the triangle, testing 130.50 area. Immediate resistance at 134.40. Break above that area could trigger further bullish scenario towards 136.00 before testing 138.00 area.

AUDUSD Forecast

The AUDUSD had a strong bullish momentum yesterday, but still unable to move consistently above 0.8550 resistance area. The bias is bullish in nearest term but we need consistent move above 0.8550 to continue the bullish pressure testing 0.8650 and the minor trendline resistance area (red). Immediate support at 0.8430/50 region. Break below that area could trigger further downside pressure re-testing 0.8316.

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