EURJPY Forecast

The EURJPY continued its bullish bias yesterday, topped at 100.61 but traded lower earlier today hit 99.29. The bias is neutral in nearest term. Price is still in a bullish correction phase but the major outlook remains bearish. Immediate support is seen around 98.85. A clear break below that area could trigger further bearish pressure testing 98.00, which need to be broken to end the bullish correction phase and continue the major bearish scenario. On the upside, major resistance area is seen between 101.00 – 102.20. A clear break above that area will interrupt the major bearish trend.

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GBPJPY Forecast

The GBPJPY continued its bullish correction yesterday, topped at 124.31 but failed to maintain the bullish momentum and hit 122.83 earlier today. Price is in a critical/tricky phase now. The bias is neutral in nearest term. The bullish correction phase remains intact and can only be stopped by a movement at least below 122.00 area to continue the major bearish scenario after broke below the triangle. Immediate resistance is seen around 123.25. A clear break back above that area could trigger further bullish pressure retesting 124.31.

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AUDUSD Forecast

The AUDUSD was volatile but indecisive yesterday. Price attempted to push higher, topped at 1.0001 but whipsawed to the downside and hit 0.9837 earlier today. This fact not only keeps the major bearish scenario intact but also could create a false breakout bearish scenario. The bias is neutral in nearest term but I am expecting bearish momentum for the upcoming week. Immediate support is seen around 0.9800. A clear break and daily close below that area could end the bullish correction phase and continue the major bearish scenario testing 0.9662 or lower. On the upside, another movement above 0.9910 could trigger further bullish pressure retesting 1.0000 region.

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