EURJPY Forecast

As you can see on my h4 below, the EURJPY had a significant bearish momentum after made a false breakout above the trendline resistance, bottomed at 112.10 and closed at 112.54. The bias is bearish in nearest term testing 110.66 area. Immediate resistance at 113.45 area which could be tested today as price already in oversold area. Break above that area could lead us into no trading zone as direction would become unclear but as long as price stay below the trendline support (red) I still prefer a bearish scenario with short on rallies strategy.

GBPJPY Forecast

The GBPJPY attempted to push higher yesterday, topped at 134.79 but whipsawed to the downside, bottomed at 131.82 and hit 130.40 earlier today in Asian session. The bias is bearish in nearest term testing 129.89 area. However price is already in oversold area so watch out for potential upside correction testing 133.00 resistance area. Break above that area could lead us into no trading zone as direction would become unclear but the main scenario remains to the downside and I still prefer short on rallies strategy at this phase.

AUDUSD Forecast

As you can see on my daily chart below, the AUDUSD slipped below 0.8570 earlier today in Asian session. From longer term of view, we know that price has been moving in range area of 0.9404 – 0.8570 so this pair in in critical technical phase now. A consistent move below 0.8570 could be the beginning of a big downtrend scenario with 0.8450 as the nearest bearish target before testing 0.8200 region. Immediate resistance at 0.8700 area. Break above that area could lead us into no trading zone but overall the main scenario remains to the downside.

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