As you can see on h4 chart below, the EURJPY continued it’s moderate lower consolidation yesterday, made a lower high but also higher low compared to Tuesday. The bias remains neutral in nearest term and we might see another lower consolidation today but as long as the pair stay above 136.08 my technical medium view remains bullish targeting at least 139.38 area and short position is not recommended at this phase.Â Immediate resistance is seen at 137.66. Break above that area should trigger further bullish momentum testing 139.38 or even higher. Do not rush jump into the market since we have not seen a clear bullish continuation or bearish reversal signal yet.
The GBPJPY made another indecisive movement yesterday, made another Doji on daily chart. The bias should remains bullish in medium term as long as the pair stay above 159.30 area. However, we have a potential bearish reversal warning showed by a double top formation around 162.57 area, as you can see on h4 chart below. A break below 159.30 should cancel the bullish outlook and could lead us back towards 154.00 area. However, if the double top bearish reversal scenario fail and the pair break above 162.57, we should have a bullish scenario confirmation and could be a beginning to bullish long term outlook.
The AUDUSD continued a second day of consolidation yesterday. The pair attempted to push lower, bottomed at 0.8360 but closed higher at 0.8407. On h1 chart below we have minor bearish channel indicating further lower consolidation might still take place but as long as the pair stay above 0.8261, my medium technical view remains bullish and 0.8500 remains a potential nearest bullish target. Immediate support remains at 0.8350 area. Break below that area should trigger further bearish correction testing key level 0.8261.