EURJPY Forecast
The EURJPY was indecisive yesterday, but we had a significant technical movement as price already violated the minor bullish channel indicating potential bullish failure and bearish continuation scenario. However I think the bias is neutral in nearest term as price so far still not able to stay consistently below 120.69 area. We need a consistent move below that area to continue the bearish scenario targeting 119.64 even 117.50 in longer term. Immediate resistance at 121.50 area. Break above that area should lead us into no trading zone as direction would become unclear.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 132.01 but closed higher at 133.56. The bias is neutral in nearest term but I am in bearish mode for this pair. Immediate resistance at 134.30. Break above that area could trigger further upside correction towards 135.70 but overall the main scenario should remain bearish. Initial support at 132.00 – 131.50 area. Break below that area should continue the bearish scenario targeting 128.80 area.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. The bias is neutral in nearest term and I am still expecting a range area of 0.9040 – 0.8910. My technical strategy remains the same, which is to short around 0.9040 or long around 0.8910 with a tight stop loss but I prefer short position. Break below 0.8910 area should trigger further bearish momentum re-testing 0.8780 area. On the other hand, break above 0.9040 should be seen as bearish failure targeting 0.9140 area.
