The EURJPY had a volatile market yesterday. The pair attempted to push lower, bottomed at 133.94 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 135.85 and closed lower at 134.69. On h4 chart below we can see that the bullish channel (blue) was tested but still hold so far keep the bullish scenario intact. Only a violation to the bullish channel could cancel the bullish outlook. We seem to have a downside pressure right now testing the lower line of the bullish channel. I prefer to stay away and wait for further development. Immediate support is seen at 133.94 (yesterday’s low). Break below that area should trigger further bearish momentum towards 132.90 area. Initial resistance at 135.85.
The GBPJPY continued it’s bearish momentum yesterday. On h4 chart below we can see that after had some bearish momentum since August 07, the pair has been consolidated in triangle area and nowÂ the triangle has been break to the downside suggests a bearish view/continuation. The bias is bearish in nearest term targeting 152.10 area. Immediate resistance at 154.20. Break above that area should lead us into no trading zone and could be potential threat to the bearish outlook.
The AUDUSD attempted to push higher yesterday, topped at 0.8425 but further bullish momentum was rejected as the pair closed lower at 0.8341. On h4 below we can see that the pair is now re-testing the trendline support. The bias is bearish in nearest term but we need a consistent move below the trendline support before heading for 0.8261 area. Initial resistance at 0.8425/50 area.