The EURJPY attempted to push higher yesterday, topped at 134.62 but closed a little bit lower at 134.19. On h4 chart below we can see that the price is now testing the upper line of the bearish channel indicating critical technical phase. A violation to the upside of the bearish channel could be a potential threat to the current bearish outlook and trigger further bullish momentum at least towards 135.50 area. CCI about to cross the 100 line up on h4 chart indicating potential upside pressure. Immediate support at 133.70. Break below that area should trigger further bearish momentum and keep the bearish scenario intact. Don’t rush jump into the market.
The GBPJPY made indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we have a triangle inside of the bearish channel indicating consolidation but still in the context of a bearish scenario. Only violation to the bearish channel could be a potential threat to the bearish scenario. The bias is neutral in nearest term and I think it’s better to stay away for now and wait for further development. Immediate resistance at 156.66 area (yesterday’s high). Break above that area should be seen as bearish scenario failure. Initial support at 154.50 followed by 153.62.
The AUDUSD didn’t make significant movement yesterday. On h1 chart below we can see that the price still struggling around the trendline support area. The bullish momentum seems limited right now, and we also have a rising wedge formation (yellow) so any bullish exhaustion and violation to the downside of the rising wedge should trigger a bearish momentum back towards 0.8174 area. Immediate resistance at 0.8350 â€“ 0.8400 area.