GBPJPY Forecast
The GBPJPY hit my long target at 153.20 on Friday, but whipsawed to the downside and closed significantly lower at 150.05. On my h4 chart below, we can see that 153.20 area is a very important resistance level and now you can see why that level became my target area during a bullish momentum The bias is bearish now targeting 147.03 but we seem to have a good support at 149.40 area. I think it’s a good idea to wait until we have a consistent move below that area before place a short position. Immediate resistance at 150.60 area. Break above that area could trigger further bullish momentum re-testing 153.20 area.
AUDUSD Forecast
The AUDUSD so far able to move outside the bullish channel with the lower line now become a resistance. Technically, this fact opens the door for further bearish correction scenario testing 0.9090 support area but short position is not recommended at this phase and I think I will stay out from the market for now. Key resistance level remains at 0.9270. Break above that area should continue bullish momentum targeting 0.9350 area before aim for 0.9500.
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