EURJPY Forecast

The EURJPY had a significant bullish momentum yesterday, slipped above the trendline resistance, but still unable to stay consistently above it. After bullish momentum triggered by the double bottom formation around 119.70 area, price is now facing a double top formation around 123.99 area. A failure to break above that area and break below 123.00 area should be seen as potential bearish scenario re-testing 121.70 area today. On the other hand, break above 123.99 area should be seen as double top bearish scenario failure thus trigger further bullish momentum at least targeting 125.15 and start a new bullish phase.

GBPJPY Forecast

The GBPJPY was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 133.91 but whipsawed to the upside and closed higher at 135.55. On h4 chart below we can see that price re-testing the major trendline resistance again. As long as the trendline hold, the main trend should remain bearish. On the other hand, break above the trendline resistance should be seen as a potential threat to the current bearish scenario and could be a beginning of a new bullish phase at least testing 138.30 area. Immediate support at 134.80 area. Break below that area should trigger further bearish momentum re-testing 133.91 and keep the bearish scenario intact.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 0.9192 but closed lower at 0.9152 and keep moving lower below 0.9140 at the time I wrote this comment. The bullish scenario remains intact but the failure to keep momentum above 0.9140 could produce a false breakout scenario which could trigger a bearish correction re-testing 0.9040 area. Immediate resistance at 0.9192 (yesterday’s high) followed by 0.9250.