The EURJPY was indecisive on Friday. The bias remains neutral in nearest term but I will pay attention to the rising wedge formation as you can see on my h4 chart below as a break below the wedge could trigger further bearish pressure testing 109.85 in nearest term. On the upside, key resistance area remains around 111.91 and need a clear break above that area to continue the bullish scenario testing 112.50/80.
The GBPJPY had a moderate bullish momentum on Friday and now back above 132.00. This fact keeps the bullish scenario intact but would need a clear break above 133.00 to continue the bullish scenario targeting 134.20 area. On the downside, another break below 132.00 could trigger further bearish pullback testing 130.84 and could lead us back to neutral medium bias.
The AUDUSD was indecisive yesterday. We still have no significant technical movement so far and I will keep stand aside for now. My bearish reversal scenario after the violation to the bullish channel remains valid, but an inverse “head and shoulders” pattern as you can see on my h4 chart below could be a threat to the bearish outlook especially if price break above 1.0000 key resistance area. On the downside we need a clear break below 0.9710 to continue the bearish reversal scenario at least targeting 0.9550.
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