The EURJPY had a significant bullish momentum yesterday, broke above the range area and slipped above the major trend line resistance as you can see on my h4 chart below. The bias is bullish in nearest term and price is at a critical technical point where a clear break and daily close above the trend line resistance and 108.00 could signal a major bullish reversal scenario at least targeting 109.90. Immediate support is seen around 106.50. A clear break below that area could lead price to neutral zone in nearest term as direction would become unclear, but would keep the major bearish scenario intact as price still moves below the major trend line resistance.
The GBPJPY had a bullish momentum yesterday and now seems ready to test 122.62 key resistance area. The bias remains bullish in nearest term. A clear break and daily close above 122.62 would give us further confirmation to the double bottom bullish scenario at least testing 124.00 region. Immediate support is seen around 121.50. A clear break below that area could lead price to neutral zone in nearest term, keep price in sideways outlook between 122.62 – 120.00 but as long as price stays above 120.00 I still prefer a bullish intraday scenario at this phase.
The AUDUSD continued its bullish momentum yesterday on broad US Dollar weakness, topped at 1.0751 and closed at 1.0711. The bias remains bullish in nearest term testing 1.0800 area. Immediate support is seen around 1.0600. A clear break back below that area could trigger further bearish pullback testing 1.0530/00 but any downside correction now is normal and only a clear break back below 1.0400 would be a threat to the current strong bullish outlook.
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