Daily Forecast for Crosses: October 24

EURJPY Forecast

The EURJPY failed to continue its bullish momentum yesterday bottomed at 103.27. The bias is neutral in nearest term but as long as stays inside the bullish channel I still prefer a bullish scenario and any downside movement now should be seen as a corrective movement. Immediate support is seen around 103.10/00. A clear break below that area could trigger further bearish pressure testing 102.50 /00 area. Immediate resistance is seen around 103.81 (current high). A clear break above that area could trigger further bullish pressure testing 104.50 which need to be clearly broken to the upside to continue the bullish scenario testing 105.00/50 area.

GBPJPY Forecast

The GBPJPY failed to continue its bullish momentum yesterday bottomed at 126.93 but traded higher earlier today hit 127.65. The bias is bullish in nearest term retesting 128.20 area which need to be clearly broken to the upside to continue the bullish scenario testing 129.00/50. Immediate support is seen around 127.00. A clear break below that area could trigger further bearish pullback testing 126.50 or lower but as long as stays above the trend line support (white) I still prefer a bullish scenario.

AUDUSD Forecast

The AUDUSD had a bearish momentum yesterday bottomed at 1.0235 but whipsawed to the upside earlier today hit 1.0316. The bias is bullish in nearest term testing 1.0340 – 1.0400 area. Immediate support is seen around 1.0285. A clear break below that area could lead price to neutral zone in nearest term testing 1.0235/00 – 1.0170 key support area.