Daily Forecast for Crosses: March 15

By @ibtimes on

EURJPY Forecast

The EURJPY had a bullish momentum yesterday, topped at 114.80 but whipsawed to the downside and hit 113.23 earlier today in Asian session. On h1 chart below we can see price is moving in a triangle formation indicates consolidation and need a clear break from the triangle to see clearer intraday bias. A break below the triangle and consistent move below 113.20 would trigger further bearish pressure testing 112.90/50 while a break above the triangle and consistent move above 114.60 would change the intraday bias to bullish testing 115.00 and keep my bullish scenario targeting 116.35 remains strong. I think market sentiment still influenced by the Japan condition after the national disaster which keeps direction remains tricky.

GBPJPY  Forecast

The GBPJPY was corrected higher yesterday, topped at 132.34 but whipsawed strongly to the downside earlier today in Asian session and hit 131.07. This fact keeps the technical bearishness intact with nearest bearish target around 129.50. On the upside, only a move back above 132.50 would be a threat to the bearish scenario retesting 134.20 resistance area even higher. I think market sentiment still influenced by the Japan condition after the national disaster which keeps direction remains tricky.

AUDUSD Forecast

The AUDUSD was indecisive yesterday but fell significantly to the downside and hit 0.9924 earlier today in Asian session. Although the bias is strongly bearish in nearest term and my bearish mode is now activated, we know that this pair has no clear direction so far, move up and down without consistent momentum and the condition could remain tricky in nearest future. Immediate resistance at 1.0040. A clear break above that area would lead us to neutral zone in nearest term and keeps us in an unclear condition testing 1.0100/50 resistance area. On the downside, another strong break below 0.9924 would trigger further bearish pressure targeting 0.9865 even lower.

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