The EURJPY had a bullish momentum yesterday after found support at the lower line of the rising wedge formation as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make a clear break above 112.06 targeting 112.80 but I think this pair remains tricky as the rising wedge bearish scenario is still a threat to the bullish outlook. Immediate support at 111.30. Clear break below that area could trigger further bearish pressure testing the lower line of the rising wedge and 110.60/70 support area.
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. I still prefer a bullish scenario but need a clear break above 133.00 targeting 134.20 area. However note that the 133.00 resistance area is a double top so unless price make a clear break above 133.00, we are still in range market between 133.00 – 132.00 and bullish continuation is not confirmed yet. Consistent move below 132.00 could trigger further bearish pullback testing 130.84 and could be a threat to the bullish outlook as double top bearish reversal scenario could be produced.
The AUDUSD had a bullish momentum yesterday, topped at 0.9984 and closed at 0.9949. The bias is bullish in nearest term. We are in technical critical phase now where the bearish reversal scenario is in serious threat especially if price able to make a clear break above 1.0000 re-testing 1.0182 all time high as the inverse head and shoulders bullish scenario would be confirmed. Immediate support at 0.9900. Break below that area could lead us to neutral zone both in nearest term testing 0.9800 support area but only a clear break below 0.9710 would confirm the bearish reversal scenario and re- activate my bearish mode.
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