EURJPY Forecast

The EURJPY had a volatile market yesterday. On h4 chart below we can see that after violated the bullish channel (blue channel) the pair is now making a minor bearish channel (red channel) indicating further bearish correction is intact, but I still prefer a bullish scenario. I will keep stay out from the market now but expecting a breakout to the upside of the bearish channel for a further bullish scenario towards 136.60 and 138.25 area. Immediate support at 134.00 – 133.40 area. Break below that area could be a potential threat to my bullish outlook.

GBPJPY Forecast

The GBPJPY had another volatile market yesterday. On daily chart below we can see that the bullish momentum attempted to push higher, topped at 150.35 but the trendline resistance (blue) still hold so far and the pair closed lower at 149.37. This upside rejection should keep the bearish scenario intact, but I will keep stay out for now as the market show no clear direction in nearest term. Immediate support at 149.00. Break below that area should trigger further bearish pressure re-testing 148.00 key support level. Initial resistance at 150.35 (yesterday’s high). Break above that area and breakout above the trendline resistance could be seen as potential threat to my bearish outlook. CCI just cross the -100 line up on daily chart suggesting potential upside pressure.

AUDUSD Forecast

The AUDUSD failed to continue it’s bullish momentum yesterday. On h1 chart below we can see that the bullish force failed to move above 0.8787 resistance area (double top) before moved lower, but the trendline support did a good job preventing further bearish pressure. The bias is neutral in nearest term but I still prefer a bullish scenario. Only a break below the trendline could be seen as potential threat to the bullish scenario. CCI just cross the -100 line up on h1 chart suggesting potential upside pressure re-testing 0.8787 resistance area. Break above that area should trigger further bullish continuation towards 0.8880 area.