Daily Forecast for Crosses: December 22

EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 130.36 and closed at 130.11.

On h4 chart below we can see that overall price still trapped in range area of 129.00 – 131.75 area but price slipped above my minor trendline resistance (now support) indicating the pressure is more to the upside now targeting 131.75 area.

A good technical set up and risk-reward ratio for me with stop loss below the trendline.

GBPJPY Forecast
The GBPJPY had a moderate bullish momentum yesterday, topped at 146.46 and closed at 146.25. Overall price still trapped in range area of 144.85 – 146.80 but the pressure should remains to the upside. However we need a valid break above 146.80 area to continue the bullish scenario targeting 148.50 area. Immediate support at 145.45 area. Break below that area should trigger further bearish pressure re-testing 144.85 area.

AUDUSD Forecast
As I had expected, the AUDUSD continue its bearish momentum yesterday, bottomed at 0.8782 and closed at 0.8800. The bias remains bearish in nearest term targeting 0.8650 area. Immediate resistance at 0.8850 area. Break above that area should lead us into no trading zone but long position is not recommended at this phase. I prefer short on rallies strategy.

Setyo Wibowo
fxinstructor.com