EURJPY Forecast

The EURJPY continued its bearish momentum yesterday after failed to make a clear break above 104.20 resistance area and hit 103.39 earlier today in Asian session. The bias remains bearish in nearest term testing 102.20 – 100.74 area. Immediate resistance remains around 104.20/40. A clear break above that area could lead price to neutral zone in nearest term. Price is in oversold condition and any upside pullback now is normal but as long as stays below 104.95 I still prefer a bearish intraday scenario at this phase with short on rallies strategy. A clear break and daily close back above 104.95 would stop the current bearish bias and activate my wait and see mode as direction would become unclear.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum yesterday and hit 120.86 earlier today in Asian session. The bias remains bearish in nearest term still testing 120.50. A clear break and daily close below that area could trigger further bearish pressure testing 119.00 even the double bottom around 116.90 area. However note that only a clear break below the double bottom would cancel the major bullish reversal scenario. Immediate resistance is seen around 121.85. A clear break above that area could lead price to a neutral zone in nearest term but as long as stays below 122.62 my overall intraday bias remains to the downside and I still prefer a bearish intraday scenario at this phase with short on rallies strategy.

AUDUSD Forecast

The AUDUSD was volatile but overall still able to maintain its bearish bias yesterday. There were some upside pressure/pullback earlier today in Asian session after hit 1.0020, topped at 1.0110 but any upside pullback now is normal considering price is in oversold condition but as long as stays below 1.0200 I still prefer a bearish scenario at this phase with short on rallies strategy, still targeting 1.000 – 0.9925 area.

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