The EURJPY failed to continue its bullish momentum yesterday and keep moving lower earlier today in Asian market. We are still in major bullish scenario but price may corrected lower towards 125.95 even 125.15 especially if price break below the minor bullish channel (red channel). After two weeks of bullish running, downside corrective move should not be a surprise. Initial resistance at 127.88. We need a clear break above that area to continue bullish scenario.
The GBPJPY was indecisive yesterday. The major bullish scenario remains intact but the bias is neutral in nearest term. Immediate support at 143.60. Break below that area could trigger further bearish correction testing 142.50/00 area. Initial resistance at 144.70 (yesterday’s high). We need a clear break above that area to continue the bullish scenario targeting 145.85.
The AUDUSD still made no significant technical movement yesterday. Technically we are still in no trading zone. I think the market is waiting for the RBA rate decision today which is expected to raise the rate at 4.25%. If that expectation come to reality, we should have a break above the broadening formation and confirms the technical bullishness targeting 0.9326 – 0.9404 area. On the other hand, if RBA leaves rate at 4.00%, the bullish momentum might lose some momentum testing 0.9090 area.
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