The EURJPY attempted to push lower yesterday, but whipsawed strongly to the upside after unable to make a clear break below 104.95 strong support area. My H&S formation seems failed now and as long as stays above 104.95 price is still in a bullish phase since bounced from 100.74 and the break above the minor trend line resistance (red). The bias is bullish in nearest term testing 106.25 area. A clear break above that area could trigger further bullish pressure testing 117.66 – 108.00 area but I think price is now in a consolidation phase and need a clear break above the major trend line resistance (white) to continue the bullish scenario. Buying around 104.95 with tight stop loss seems to be a good idea at this phase but a clear break and daily close below that area would turn my intraday bias to a bearish view.
The GBPJPY attempted to push lower yesterday, bottomed at 120.35 but whipsawed to the upside and closed at 121.44. Price is still in a bullish phase since bounced from the double bottom formation but looks like price is moving in a range area of 122.62 – 120.00. Aggressive intraday traders can long around 120.00 or short around 122.62 with tight stop loss. A clear break above 122.62 and the trend line resistance could give further confirmation to the double bottom bullish reversal scenario. On the other hand, a clear break back below 120.00 could stop the bullish phase and postpone the double bottom bullish reversal scenario.
The AUDUSD had another volatile but indecisive movement yesterday, made another Doji on daily chart. There are no changes on my technical outlook. The bias remains neutral in nearest term as price still trapped in a wide range area of 1.0400 – 1.0110 as you can see on my h4 chart below. Overall price is still in a bullish phase since bounced from 0.9400 and broke above the trend line resistance but would need a clear break above 1.0400 to continue the bullish scenario. On the downside, key support area is seen around 1.0110 – 1.0000. A clear break below that area could be a threat to the current bullish intraday outlook.
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