EURJPY Forecast

The EURJPY gapped up earlier today, opened more than 100 pips higher from Friday’s closing price, after the news that Spain will get EUR 100 billion bailout to recapitalize its banking sector. The bias is bullish in nearest term testing 101.00 – 102.20 but I doubt that the current risk appetite sentiment will continue. Immediate support is seen around 99.85. A clear break below that area could lead price to neutral zone in nearest term and we need a clear break and daily close at least below 99.00 to end the current bullish correction phase and continue the major bearish scenario.

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GBPJPY Forecast

The GBPJPY was corrected higher last week, closed at 122.93, gapped up earlier today, opened at 123.57 and hit 124.04 on risk appetite sentiment after the news that Spain will get EUR 100 billion bailout to recapitalize its banking sector. The bias is bullish in nearest term testing 125.50 but I doubt that the current risk appetite sentiment will continue and expect the bearish scenario after broke below the triangle to resume. Immediate support is seen around 123.00. A clear break below that area could lead price to neutral zone in nearest term but would need a clear break and daily close at least back below 122.00 to end the current bullish correction phase.

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AUDUSD Forecast

The AUDUSD gapped up earlier today after the news that Spain will get EUR 100 billion bailout to recapitalize its banking sector created a risk appetite sentiment and broad US Dollar weakness. The bias is bullish in nearest term testing 1.0000 – 1.0050 but I doubt that the current risk appetite sentiment will continue and expect the US Dollar to regain its strength. Immediate support is seen around 0.9900/10. A clear break and daily close back below that area could lead price to neutral zone in nearest term and we need a clear break and daily close at least below 0.9800 to end the current bullish correction phase and continue the bearish scenario.

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