The EURJPY continued its bearish correction yesterday, bottomed at 124.47 and closed at 124.53. This fact should trigger further bearish correction testing 124.00 area and change my mode into a neutral zone in medium term. Consistent move below 124.00 area could trigger further bearish momentum targeting 122.75 and the lower line of the bullish channel and surely will be a serious threat to the bullish scenario. Immediate resistance at 125.15. Break above that area should keep the bullish scenario intact.
The GBPJPY failed to keep its bullish momentum yesterday. On daily chart below we can see that price is now back below the trendline indicating potential false breakout scenario which could trigger further bearish momentum targeting 140.85/50 area and keep the long term bearish outlook intact. Immediate resistance at 143.00.
The AUDUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but the main outlook remains bullish with technical target remains at 0.9326 – 0.9404 except price go back inside the broadening formation, which could produce a false breakout scenario and trigger significant bearish momentum towards 0.9090/40 region.
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