Weekly Outlook: EURJPY, GBPAUD, EURGBP, NZDJPY by FX Charts Daily

EURJPY: 129.25 the cross traded with a choppy but overall positive bias last week in making a higher low (127.44) and higher high 130.10 and looking as though 130.00 could come under pressure again in the next few days. If so, then beyond here would target 130.40 (daily cloud base) and 130.85 (weekly Tenkan) above which would want to take another look at the 24 March high, at 131.50, and the 18 March high at 131.70.The downside will see bids at the daily Kijun (128.80) and then at the Tenkan (128.05). Buying dips seems to be the plan.

GBPAUD: The cross  had another volatile ride last week, in trading a range of 1.9096/1.9455 before finishing pretty much in the middle, much the same as the previous week, albeit slightly higher. The short term movements remain very difficult to pick and further choppy trade either side of the 100 DMA (1.9236) may be the outcome this week, although the daily momentum indicators do seem to be picking up a slightly positive bias. Rising trend support is containing the downside, currently at 1.9150, but a break of which could take the cross back to 1.9000 and possibly to 1.8826, the low of 4 weeks ago. Below this, the base of the channel and the 200 DMA are at 1.8650. The topside will see sellers once more at 1.9460, above which would test the top of the channel, currently at 1.9520. Overall trading the wide range of 1.9000/1.9520 seems to be the plan once again, with a stop and reversal in the case of a break of either side.

EURGBP: 0.7155. The cross had a volatile week within a 0.71216/0.7230 range and more of the same would seem to lie ahead. The approaching UK election and the ongoing  issues in Greece are front and centre of attention so event risk is the order of the day. I would not be too married to a position in either direction, but would tend to play the range, using 0.7100/0.7250 as a guide, or within that, 0.7115/0.7215. Keep stops tight on either side of the larger range in case of a larger directional move on the back of some political event/statement..

NZDJPY: This has been an interesting cross recently and remains so after having apparently made a false break to a new trend high of 92.40 before reversing sharply at the end of the week to close right on the 200 DMA at 90.25. With the daily indicators having once again turned lower  a break of the rising trend support at 89.85 could signal deeper losses towards the 100 DMA at 89.00, below which could see an acceleration towards 87.00, although this seems a while away yet.A return to the topside would see sellers at the 100/200 HMAs at 90.90 and at 91.20. Selling into strength towards there levels with a SAL above 91.50 seems to be the plan.