The EURJPY had a significant bullish correction yesterday, slipped above 106.57 and now struggling around that area. Price is in a bullish correction phase now. The bias is bullish in nearest term especially if price able to stay consistently above 106.57 – 107.00 testing 108.00 even 109.45 and the trend line resistance. However note that as long as price stays below the trend line resistance my major outlook remains to the downside and the current bullish pullback is normal. Immediate support is seen around 106.25. A clear break back below that area could lead price to neutral zone in nearest term and I think we need a clear break at least below 105.00 to keep the major bearish scenario strong, still testing May 2001 low at 100.08.
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term but my major outlook remains to the downside. We have strong intraday support around 120.65 and need a clear break below that area to continue the major bearish scenario testing 118.83. On the upside, a clear break and daily close back above 122.93 could change my intraday bias to bullish testing the trend line resistance and 124.85. Only a clear break above the trend line resistance and 125.85 could be a threat to my major bearish outlook and could be an early signal of a bullish reversal scenario.
The AUDUSD attempted to push lower yesterday, but whipsawed to the upside and back above 1.0300 after found a good support around 1.0176. This fact changes my intraday bias to a bullish outlook testing 1.0400. A clear break and daily close above 1.0400 could trigger further bullish momentum testing 1.0500 area. However from a broader view, as long as price stays inside my triangle area, my long term bias remains neutral as price is still in a potential wide range of consolidation since the fall from all time high and need a clear break from the triangle to see clearer direction. Immediate support is seen around 1.0300. A clear break back below that area could stop the current short term bullish bias testing 1.0240 – 1.0176 support area.
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