The EURJPY attempted to push higher yesterday after break above the bullish flag as you can see on my hourly chart below, topped at 104.91 but traded lower earlier today in Asian session hit 103.56. The bias is neutral in nearest term with potential daily range to be closely watch between 104.95 – 103.30. My major bearish technical outlook remains intact but unless price breaks below 102.20 we are still in a bullish correction phase. A clear break below 103.30 could trigger further bearish pressure testing 102.20 while on the other hand a clear break above 104.95 could continue the bullish correction scenario testing 106.57.
The GBPJPY attempted to push higher yesterday, slipped above 120.65 but closed lower at 119.75 and hit 119.27 earlier today in Asian session. On my hourly chart below we can see price is now retesting the lower line of the bullish channel. A clear break below the bullish channel could trigger further bearish pressure testing 118.80/35 area which could end the current bullish correction phase. Immediate resistance is seen around 119.77 (current high). A failure to make a clear break below the bullish channel and a clear break back above 119.77 area would keep the bullish correction phase strong retesting 120.65 even higher.
The AUDUSD attempted to push higher yesterday, topped at 0.9877 but closed lower at 0.9773. The bias is neutral in nearest term. On my h4 chart below we can see price has been trapped in range area of 0.9975 – 0.9700 in the last three days. A wide range of almost 300 pips but we have to wait for a clear break from the range area to see clearer direction. Immediate resistance is seen around 0.9810. A clear break back above that area could trigger further bullish pressure testing 0.9877 – 0.9900. On the downside, a clear break and daily close below 0.9700 could continue the major bearish reversal outlook since the fall from the all time high, testing 0.9400 area.
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