EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 111.65 but whipsawed to the upside and slipped above the symmetrical triangle as you can see on my h4 chart below. This fact could change my intraday bias to bullish especially if price able to make a clear break above 112.50 testing 113.40 key resistance area. Immediate support is seen at 112.00 followed by 111.65. Overall I still prefer a bearish scenario as long as price stays below 113.40 but until we have a clear break below 109.45 price is still in a consolidation phase.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. My intraday technical focus remains at the 127.77 – 128.18 key resistance area which has been tested several times but still holds, keep my bearish outlook remains strong and that area remains a good place for a short position with a tight stop loss above 128.18. The upside pressure seems limited for now, but the fact that there are several attempts to the upside this week could mean a serious challenge to my strong bearish intraday bias. A clear break above 128.18 could trigger further bullish scenario testing 129.40 region and the trend line resistance (red). Immediate support remains around 126.60. A clear break below that area could trigger further bearish pressure testing 125.95 support area.

AUDUSD Forecast

The AUDUSD didn’t make significant movement yesterday but overall still able to maintain the strong intraday bullish bias which happened on Tuesday. There are no changes in my daily technical outlook where price still trapped in a range area of 1.0770/90 – 1.0500 and need a clear break on either side to see clearer direction. Aggressive intraday traders can still short around 1.0770/90 with a tight stop loss as a clear break above 1.0790 could trigger further upside attempt testing 1.0887 even the all time high 1.1010. Immediate support is seen around 1.0670. A clear break below that area could change the intraday bias to bearish testing 1.0600 – 1.0550 but as long as price stays above 1.0500 overall price is still in a consolidation/sideways mode.

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