Daily Forecast for Crosses: May 09

By @ibtimes on

EURJPY Forecast

The EURJPY continued its bearish momentum on Friday, closed at 115.39 but opened higher earlier today in Asian session at 116.23, made a gap as easily seen on hourly/h4 chart. As long as price moves below 116.00 my intraday bias remains strongly to the downside targeting 114.00. Immediate resistance at 116.35. A clear break above that area would lead price to neutral zone in nearest term testing 117.00/50 resistance area.

GBPJPY  Forecast

The GBPJPY was volatile but indecisive on Friday, made a Doji on daily chart. The bias is neutral in nearest term but as long as price stays below 132.97 I still prefer a bearish intraday outlook, still targeting 130.20. A clear break above 132.97 could trigger further bullish momentum testing 134.00 but would activate my wait and see mode as direction would become unclear.

AUDUSD Forecast

The AUDUSD bearish correction was paused on Friday after unable to stay consistently below 1.0581 and now struggling around 1.0770. The bias is neutral in nearest term but unless we have a consistent move back above 1.0877 the bearish correction scenario remains intact. Immediate support at 1.0660. A clear break below that area would change the intraday bias to bearish retesting 1.0581 key support area.

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