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EURJPY Forecast
The EURJPY was indecisive last week. The bias is neutral in nearest term. Price has been consolidating since the break below 102.48 but as long as stays below that area my overall intraday bias remains to the downside still testing 100.74 – 100.00 support area. On the upside, a clear break and daily movement back above 102.48 could lead us to a bullish correction phase testing 104.00/95 and the trend line resistance (white).
GBPJPY Forecast
The GBPJPY attempted to push higher last week, but closed lower at 121.69 after found a good resistance around 122.62. The bias is neutral in nearest term but as long as stays below 122.62 my overall intraday technical bias remains to the downside and I still prefer to sell on rallies still testing 119.35. On the upside, a clear break and daily close above 122.62 could trigger further bullish pressure testing 124.00 – 125.50 as the double bottom bullish reversal scenario might regain its momentum.
AUDUSD Forecast
The AUDUSD had a bullish momentum last week, moving above 1.0080 and now testing the upper line of the triangle as you can see on my h4 chart below. The bias is bullish in nearest term testing the upper line of the triangle and 1.0250 resistance area. I still prefer a bearish reversal scenario after hit the record high five months ago but a clear break above the triangle would cancel the bearish scenario and keep the bullish bias remains strong. On the downside, we need a clear break at least below 1.0080 to keep price in consolidation phase testing the lower line of the triangle and give another chance for the bearish reversal scenario. Australian banks still close for holiday.
