The EURJPY bullish momentum was short lived yesterday. Price topped at 111.58 but whipsawed to the downside and hit 108.09 earlier today in Asian session. Situation could be very tricky now. A clear break below 108.00 could trigger further bearish pressure testing 107.00 – 106.50 can postpone the bullish reversal outlook. Immediate resistance is seen around 108.80. A clear break above that area could trigger further upside pressure testing 109.90. I will stand aside for now.
The GBPJPY had a huge bullish momentum yesterday after the intervention, topped at 127.28 and closed a little bit lower at 125.87. The bias is bullish in nearest term testing 128.00 – 130.82 area. Price is now testing 125.50 support area. A clear break below that area could trigger further bearish correction testing 124.00 but overall I still prefer a bullish scenario at this phase as a part of the double bottom bullish reversal scenario and only a clear break and daily close back below 122.62 could postpone the bullish scenario.
The AUDUSD had a bearish momentum yesterday, bottomed at 1.0505 and hit 1.0436 earlier today in Asian session. The bias is bearish in nearest term testing 1.0400 key support area. A clear break and daily close below that area would turn my intraday bias to a bearish view testing 1.0300 even 1.0110. Immediate resistance is seen around 1.0500/30 area. A clear break and daily close back above that area would keep the bullish scenario since the violation to the trend line resistance (white) remains intact, testing 1.0800 area.
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