The EURJPY had a bullish momentum yesterday. On daily chart below we can see that price is now back inside the bullish channel indicating potential false breakdown scenario which could lead to a bullish momentum and keep the bullish scenario intact. The bias is neutral in nearest term and I think I will stay away from this pair for now. Immediate support at 123.40. Break below that area could trigger further bearish momentum testing 122.35 area. Initial resistance at 125.30 followed by 125.80.
The GBPJPY still able to maintain its bullish bias yesterday. The trendline support still does a good job preventing further bearish pressure and keep the major bullish scenario intact. However I think we are still in no trading zone for now. The pair is still in transition phase as we haven’t seen a strong bullish momentum to support my bullish scenario so far. Immediate support at 142.10 area. Break below that area could trigger further bearish pressure testing 140.95. Initial resistance at 143.90. Break above that area could trigger further bullish momentum testing 144.70 region.
The AUDUSD was able to keep its bullish bias yesterday. The bullish scenario remains intact but we are still in consolidation phase since price still move inside the triangle formation as you can see on my daily chart below. I will keep stay away for now. We need a clear break from the triangle to see clearer direction. Breakout above the triangle should confirm the bullish continuation scenario at least towards 0.9381 – 0.9404 area while a breakdown below the triangle should be seen as potential threat to the bullish scenario testing 0.9000 region.
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