EURJPY Forecast

The EURJPY had a volatile market yesterday. The pair attempted to push lower, bottomed at 132.23 but whipsawed to the upside and closed higher at 133.39. On h4 chart below we can see that we are now in critical phase where price challenging the trendline resistance (red). A valid break above the trendline should be seen as the end of my bearish view and the beginning of a bullish reversal scenario back towards 138.69 area. Immediate resistance at 133.87. Break above that area should trigger further bullish momentum targeting 134.66. Initial support at 132.23 (yesterday’s low).

GBPJPY Forecast

The GBPJPY also had volatile market yesterday. My technical study was a mess as price made a false breakout above 143.20, topped at 143.83 but whipsawed to the downside, hit 142.10 before closed higher at 142.91. The movement was basically indecisive but I still prefer a bullish scenario with 144.50 as nearest bullish target but I think we need another break above 143.20 once again.  Immediate support at 142.50/20 area. Break below that area should be a serious threat to the bullish reversal scenario.

AUDUSD Forecast

The AUDUSD made another bullish breakout yesterday. As you can see on my h4 chart below, breakout trading is currently highly accurate for this pair. Among 5 breakouts, we had 4 successful breakout scenario with only 1 unsuccessful trade. The bias remains bullish in nearest term targeting 0.9300/50 area. Immediate support at 0.9124. Break below that area could trigger further bearish correction towards 0.9090 but short position is not recommended. Price might make another range, so downside correction before continue the bullish scenario will not surprise me.