EURJPY Forecast

The EURJPY attempted to push higher on Friday, topped at 121.64 but closed lower at 120.96. On h4 chart below we can see that after violated the bearish channel price is now moving in a new minor bullish channel indicating potential upside correction scenario but the main trend should remain bearish. The bias is neutral in nearest term. Immediate support at 120.69 area. Break below that area should be seen as the end of the bullish correction and continue the bearish scenario re-testing 119.64. Initial resistance at 122.00. Break above that area should continue the upside correction testing 123.00 area.

GBPJPY Forecast

The GBPJPY was indecisive on Friday. The bias is neutral in nearest term but the main trend should remain bearish with potential bearish target around 132.00 – 131.50 area. Immediate resistance at 135.70. Break below that area should lead us into no trading zone testing 137.50 resistance area but I still prefer a bearish scenario at this phase with sell on rallies strategy.

AUDUSD Forecast

The AUDUSD had a bullish momentum on Friday, topped at 0.8978 and closed at 0.8962. The bias is bullish in nearest term but we know that 0.9040 area is a strong resistance at this phase. After violation to the bullish channel, I prefer a bearish scenario at this phase. Price is now potentially trapped (again) in range area of 0.9040 – 0.8910 area. Technically, aggressive trader can short around 0.9040 or long around 0.8910 with a tight stop loss but I prefer short position. Break below 0.8910 area should trigger further bearish momentum re-testing 0.8780 area.