The EURJPY continued its moderate bullish correction yesterday, topped at 100.09 and closed at 99.80. The bias is bullish in nearest term especially if price able to make a clear break above 100.00 but as long as stays below 101.00 – 102.20 the major bearish scenario should remain intact and I still prefer to sell on rallies. On the downside, nearest bearish target is seen around 98.50 – 98.00.
The GBPJPY failed to continue its bullish momentum yesterday, bottomed at 123.05 and closed at 123.17. There are no changes in my technical outlook. Price has been moving sideways between 124.30 – 122.00 since June 07 and need a clear break from the range area to see clearer direction. A clear break above 124.30 could continue the bullish correction scenario targeting 125.50 area. On the downside, a clear break below 122.00 could end the current bullish correction phase testing 120.40.
The AUDUSD was volatile but indecisive yesterday. The bias is neutral in nearest term but overall price is still in a bullish correction phase but as long stays below 1.0200 (bullish correction target) I still prefer to sell on rallies. On the downside, we need a clear break and daily close below 0.9900 – 0.9870 to end the current bullish correction phase and continue the major bearish scenario.
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