EURJPY Forecast
The EURJPY had a significant bearish momentum on Friday. On h4 chart below we can see that after break below key support level 133.40 the pair had significant bearish momentum and break below the major trendline support, closed at 131.70 and hit low at 129.79 early today in Asian session and now bounce higher around 130.50 at the time I wrote this comment. This fact is nothing but a bullish failure for me and a new bearish scenario. The bias is bearish in nearest term but we seem to have a good support around 129.70 area as price bounce to the upside and reject further bearish momentum below that area so do not rush selling now as price might rebound to the upside towards the trendline area. Immediate resistance at 131.15 followed by 131.70 area. Break above that area should lead us into no trading zone but long position is not recommended at this phase. Break below 129.70 should trigger further bearish momentum targeting 127.00 area.
GBPJPY Forecast
The GBPJPY continued it’s bearish momentum, hit my short targets at 144.00 and 143.00 even further, bottomed at 142.71 and continue to get lower early today in Asian session, bottomed at 139.71 and bounce higher around 141.02 at the time I wrote this comment. The outlook is extremely bearish and only place short position in this phase. In longer term outlook on daily chart below, we even might have a bigger bearish scenario signaled by a double top formation indicating bearish reversal scenario back towards 118.78 area. The bias is bearish in nearest term targeting 139.00. Break below that area should trigger further bearish scenario targeting 135.95. However CCI in oversold area and heading up on h1 chart so do not rush selling now and watch out for potential upside rebound testing 141.50 area. Break above that area should trigger further bullish correction towards 143.20 resistance area but long position is not recommended.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. On h1 chart below we can see that the pair still struggling around the trendline support area at the same time form a triangle formation indicating consolidation. Break from the triangle should give us clearer direction. Breakout to the upside should targeting 0.8787 area while breakdown to the downside should targeting 0.8510 area and put an end to current bullish outlook.
