EURJPY Forecast

The EURJPY failed to continue it’s bearish momentum on Friday. On h4 chart below we can see that price slipped below 129.79, bottomed at 129.03 but whipsawed to the upside, closed at 130.86 and traded higher early today in Asian session around 131.37 area. This bearish failure should trigger bullish momentum re-testing the trendline resistance area (orange) but I still prefer a bearish scenario so I will stay out from the market for now. Immediate support at 130.60. Break below that area should trigger further bearish momentum back towards 129.03. Initial resistance at 131.80 – 132.00 area. Break above that area should trigger further bullish momentum challenging the trendline resistance and potentially be a serious threat to my bearish outlook.

GBPJPY Forecast

The GBPJPY attempted to push lower on Friday, break below 141.90, bottomed at 140.79 but whipsawed to the upside, closed at 143.16 and peaked at 149.93 early today in Asian session. On h4 chart below we can see that price is now struggling around the minor trendline resistance (blue). Break above that trendline should trigger further bullish momentum challenging 146.73 area. The bias is bullish in nearest term but I still prefer a bearish scenario so I will keep out from the market for now. Immediate resistance at 144.50 area. Initial support at 142.75 followed by 142.00 area.

AUDUSD Forecast

The AUDUSD attempted to push lower on Friday, hit my first short target at 0.8580 but whipsawed to the upside and closed higher at 0.8647. The bias is bullish in nearest term testing 0.8787 area but I think I will stay out from the market now as I don’t really see a clear direction and my risk-reward ratio looks bad a this phase. Break above 0.8787 should trigger further bullish momentum re-testing 0.8858 area. Immediate support at 0.8650. Break below that area should trigger further bearish momentum re-testing 0.8567 (Friday’s low).