EURJPY Forecast

The EURJPY was volatile but indecisive yesterday, made a Doji on daily chart. Price attempted to push lower, bottomed at 103.88 but closed higher at 105.26. The bias is neutral in nearest term but still within a context of a major bearish scenario testing May 2001 low at 100.08. Immediate resistance is seen around 105.73 (yesterday’s high). A clear break above that area could change the intraday bias to bullish view testing 106.57 but any upside pullback now is normal and should be seen just as a corrective movement.

GBPJPY  Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 121.27 but closed higher at 122.29. The bias is neutral in nearest term. I still prefer a bearish scenario at this phase but we have a hammer candle stick formation as you can see on my daily chart below suggests a bullish pullback warning especially if price breaks above 122.93 area retesting 124.85 and the trend line resistance. Immediate support is seen around 121.70. A clear break below that area could trigger further bearish pressure testing 121.27 area but need a clear break and daily close below 121.27 to cancel the hammer bullish scenario and resume the major bearish scenario testing 118.83.

AUDUSD Forecast

The AUDUSD slipped below 1.0300 yesterday but unable to stay consistently below that area and close at 1.0328. The bias is neutral in nearest term. Immediate resistance is seen around 1.0380. A clear break back above that area could change the intraday bias to bullish testing 1.0440 but overall as long as price stays inside the triangle area price is still in a wide range consolidation scenario and need a clear break from the triangle to see clearer direction. On the downside we need a clear break and daily close below 1.0300 to continue the bearish pressure testing the lower line of the triangle.

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