The EURJPY continued its bullish momentum yesterday as I had expected. The pair topped at 133.54 and closed at 133.05. Earlier today in Asian session price corrected lower bottomed at 132.48 but still able to maintain bullish momentum and traded around 132.95 at the time I wrote this comment. The bias remains bullish in nearest term targeting 134.00. Immediate support at 132.48 followed by 131.75. Buy the dips remains the best strategy for me.
The GBPJPY bullish momentum was paused yesterday. On h4 chart below we can see that price retreat lower towards my minor trendline support (former resistance). Although a movement back towards the trendline after violation is normal and the trendline support still hold so far, this fact should be considered as potential threat to the bullish scenario, especially if price break below the trendline today, which could be considered as potential false breakout and trigger significant downside momentum testing 144.60 area. On the upside, 147.65 area remains a potential target support by Japanese government policy to weaken the Yen on fundamental side and hammer candlestick formation on technical side. I still prefer buy the dips strategy for this pair.
The AUDUSD attempted to push higher yesterday, topped at 0.9321 but further bullish momentum was rejected as price whipsawed to the downside and closed lower at 0.9231. The bias is neutral in nearest term and I think we are in no trading zone. On h4 chart below we can see that price is now moving below my trendline support indicating potential false breakout scenario which could trigger further bearish pressure testing 0.9180 support area. Break below that area should trigger further bearish momentum testing 0.9100 area. Immediate resistance at 0.9270 followed by 0.9327 area.