EURJPY Forecast

The EURJPY had a bearish momentum yesterday after failed to make a clear break above 117.80. There are no changes in my daily technical outlook and overall price still trapped in range area of 117.80 – 116.00 and need a clear break on either side to see clearer direction. Aggressive intraday traders can short around 117.80 or long around 116.00 with tight stop loss. Price still moves inside a bullish channel as you can see on my h4 chart below suggests a bullish outlook and only a violation to the bullish channel and a clear break below 114.00 would cancel the bullish outlook and might lead us to a new bearish phase. On the upside we need a clear break above 117.80 to continue the bullish scenario testing 118.50 – 119.00 and the trend line resistance.

GBPJPY  Forecast

The GBPJPY had a bearish momentum yesterday but again found a good support around 130.70. The bias is bearish in nearest term especially if price able to make a clear break below 130.70 testing 130.20 which is a key support area at this phase. A clear break below 130.20 could lead us to further bearish scenario testing 129.00 – 128.00 area. Immediate resistance at 131.50 followed by 132.32. I do not expect any move above 132.32 today as it would diminish the current bearish intraday outlook and reactivate my wait and see mode.

AUDUSD Forecast

The AUDUSD was unable to continue the bullish momentum yesterday after failed to make a clear break above 1.0756/70 resistance area and hit 1.0686 earlier today in Asian session. On hourly chart below we have a bullish flag formation after the rejection to break below 1.0600 suggests a bullish view especially if price able to make a clear break above 1.0756/70 testing 1.0887 and 1.1010. Immediate support at 1.0650. A clear break below that area would cancel the bullish flag bullish scenario retesting 1.0600 and might lead us to a sideways condition between 1.0756/70 – 1.0600. A clear break below 1.0600 would continue the bearish scenario since the fall from all time high 1.1010 testing 1.0500 even lower.

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