The EURJPY made another volatile but indecisive movement yesterday. Price has been trapped in range area of 106.50 – 104.95 since last week and need a clear break from the range area to see clearer intraday direction. I still prefer a bullish intraday scenario at this phase and 104.95 remains a good area for a long position with a tight stop loss. On the upside, a clear break and daily close above 106.50 could trigger further bullish pressure testing the major trend line resistance and 108.00 area.
The GBPJPY had another volatile but indecisive movement yesterday, made another Doji on daily chart. The bias remains neutral in nearest term with potential daily range between 122.62 – 120.00. I still prefer a bullish intraday scenario at this phase and only a clear break and daily close back below 120.00 could stop the current bullish intraday outlook, challenging the double bottom formation. On the upside, a clear break and daily close above 122.62 would give further confirmation to the double bottom bullish reversal scenario.
The AUDUSD continued its bullish momentum yesterday, topped at 1.0497 and closed at 1.0457. The bias remains bullish in nearest term testing 1.0530 and 1.0660. Immediate support is seen around 1.0400. A clear break back below that area could lead price to neutral zone in nearest term but overall I still prefer a bullish intraday scenario at this phase.
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