Daily Forecast for Crosses: October 31

EURJPY Forecast

The EURJPY attempted to push lower yesterday, slipped below the bullish channel, bottomed at 102.16 but whipsawed to the upside and closed at 103.26. The bias is neutral in nearest term. As you can see on my daily chart below, during the bullish movement from July, price slipped below the bullish channel twice but failed to move consistently below the bullish channel and bounced higher. That behavior could occur again this time. The bias is neutral in nearest term. Immediate resistance is seen around 103.40. A clear break above that area could trigger further bullish pressure testing 104.00/40 area. Immediate support is seen around 103.00. A clear break below that area could trigger further bearish pressure testing 102.50/16.

GBPJPY Forecast

The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. Overall as long as stays above the trend line support (white) I still prefer a bullish scenario. Immediate resistance is seen around 128.50. A clear break above that area could trigger further bullish pressure testing 129.00/50. Immediate support is seen around 127.80. A clear break below that area could trigger further bearish pressure testing 127.00.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday and hit 1.0389 earlier today. The bias is bullish in nearest term testing 1.0410 which needs to be clearly broken to the upside to continue the false breakdown bullish scenario testing 1.0500 region. Immediate support is seen around 1.0350. A clear break below that area could lead price to neutral zone in nearest term testing 1.0300.