After significantly corrected lower since failed to break above 127.88 area, last week the EURJPY had a significant bullish momentum. On daily chart below we can seen that the lower line of the bullish channel did a great job preventing further bearish pressure and keep the bullish scenario intact and may end the bearish correction phase. The bias is bullish in nearest term re-testing 127.88 region. Immediate support at 125.50 (current low). Break below that area could lead us into no trading zone as direction would become unclear and price may re-testing the lower line of the bullish channel once again.
The GBPJPY able to stay above the major trendline resistance last week, indicating a stable upside momentum and confirms my bullish reversal scenario. The bias is bullish in nearest term targeting 146.60 – 147.40 area. Immediate support at 144.60. Break below that area should lead us into no trading zone as direction would become unclear but I still prefer a bullish scenario at this phase.
The AUDUSD showed no clear direction in a volatile market last week. On daily chart below we can see that price still able to move above the broadening formation and formed a triple bottom support area, keep the bullish scenario intact. The bias is neutral in nearest term but still within the bullish scenario. Immediate resistance at 0.9326. Break above that area could trigger further bullish momentum targeting 0.9381 – 0.9404 area. Initial support at 0.9220. Break below that area could trigger further bearish pressure re-testing the triple bottom support around 0.9170/60 area.
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