The EURJPY attempted to push higher yesterday, slipped above the trendline, topped at 137.83 but further upside momentum was rejected as the pair whipsawed to the downside, bottomed at 135.54, closed at 136.15 and as you can see on h4 chart below, now traded below the trendline again. Like I said yesterday, a struggle around trendline after a break is normal and often happen but the fact that the price now back below the trendline should keep the bearish scenario intact. The bias is bearish in nearest term targeting 135.30 area before re-testing 134.06 (Wednesday’s low). Immediate resistance at 136.70 â€“ 137.15 area.
We have another volatile market yesterday. The pair attempted to push higher, topped at 160.33 but further bullish scenario was rejected as the pair whipsawed to the downside, bottomed at 157.36 and closed at 157.99. On h4 chart below we can see that the pair is now struggling around the lower border of the broadening formation. Although expecting downside scenario, I prefer to stay out from the market for now. I don’t want to anything inside broadening formation. Immediate support at 156.85 followed by 155.94 (Wednesday’s low). Initial resistance at 158.50.
The AUDUSD continued it’s bullish momentum yesterday, topped at 0.8452 and closed at 0.8415. On h1 chart below we still have valid bullish channel indicating potential bullish continuation. The bias remains bullish in nearest term targeting 0.8500 area. CCI about to cross the 100 line up on h1 chart suggests potential upside pressure. Immediate support at 0.8370.