The EURJPY was indecisive yesterday. The bias is neutral in nearest term but still within a major bearish outlook. We seem to have a good intraday support area around 103.88 as you can see on my daily chart below and need a clear break and daily close below that area to continue the major bearish scenario testing 100.08. Immediate support is seen around 104.40/30. A clear break back below that area could trigger further bearish pressure retesting 103.88. Immediate resistance is seen around 105.17 (yesterday’s high). A clear break above that area could trigger further bullish pullback testing 105.50/70 resistance area but overall I still prefer a bearish scenario at this phase.
The GBPJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but as long as price stays below 120.65 I still prefer a bearish intraday outlook. Immediate support, which is the nearest bearish target is seen around 119.45. A clear break and daily close below that area could trigger further bearish pressure testing 118.83. On the upside, a clear break and daily close back above 120.65 could trigger further bullish correction but as long as price stays below the trend line resistance my major technical bias remains to the downside.
The AUDUSD failed to continue its bearish momentum yesterday on broad US Dollar weakness and now retesting 1.0300 as my short term bias turn bullish. A clear break above 1.0300 could trigger further bullish pullback testing 1.0350 – 1.0400 area. My major technical focus remains to the triangle area which suggests a wide range of consolidation so inconsistent intraday momentum should not be a surprise. Immediate support is seen around 1.0240. A clear break back below that area could stop the current short term bullish bias testing 1.0176/54 support area.
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