EURJPY Forecast

The EURJPY attempted to push higher yesterday, hit 101.61 but whipsawed to the downside on broad Euro weakness and closed at 100.45. Price rebounded higher earlier today hit 101.11. The bias is neutral in nearest term but overall price is still able to maintain its bullish phase since bounced from 95.57, still testing 102.20 resistance area. On the downside, a clear break and daily close back below 100.50 will interrupt the bullish phase but would need a clear break and daily close below 98.50 to end the bullish phase and activate my bearish mode.

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GBPJPY Forecast

The GBPJPY had another volatile but indecisive movement yesterday, but overall still able to maintain its bullish bias. There are no changes in my technical outlook. The bias remains bullish in nearest term. We have an important resistance at the daily EMA 200 located around 125.85. A clear break and daily close above that area could trigger further bullish scenario testing 126.50 – 128.00 area. On the downside, a clear break back below 124.50 will interrupt the current bullish phase but need a clear break at least back below 123.00 to stop the current bullish phase.

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AUDUSD Forecast

The AUDUSD had a strong bearish momentum yesterday on broad US Dollar strength, bottomed at 1.0027 and closed at 1.0041. Price rejected to break above the daily EMA 200 resistance area. The bias is bearish in nearest term but I think it is too early for a bearish mode and as long as stays above 0.9910 the bullish phase should remain intact. Immediate resistance is seen around 1.0130 (former support). A clear break back above that area could lead price to neutral zone in nearest term but would keep the bullish phase remain strong retesting the daily EMA 200 and 1.0200 key resistance area.

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