The EURJPY didn’t make significant movement yesterday, but as you can see on my h4 chart below, the trendline support still did a good job and maybe a good place to place long position with tight stop loss below it. The bias is neutral in nearest term. Immediate resistance at 130.72 (yesterday’s low). Break above that area should trigger further bullish momentum testing 131.75 area. Initial support at the trendline support area. Break below the trendline should be seen as bullish failure which could trigger significant bearish momentum towards 129.00 area.
The GBPJPY had a bullish momentum yesterday, topped at 146.05 and closed at 145.87. As you can see on my h4 chart below, the trendline support (red) has been doing a good job keep the bullish scenario intact. This fact should lead us to further bullish scenario towards 146.80 area. However CCI about to cross the 100 line down on h4 chart so watch out for potential downside correction testing 144.85 area. Break below that area should lead us into no trading zone but only a violation to the trendline support will cancel the bullish scenario.
My strategy worked perfectly yesterday as price had a nice bearish momentum, bottomed at 0.9032, closed at 0.9062 after rejected to move above the trendline resistance and 0.9180 area and keep moving lower earlier today in Asian session traded around 0.9001 at the time I wrote this comment. The bias is bearish targeting 0.8915 area. Immediate resistance at 0.9030 – 0.9060. Break above that area should lead us into no trading zone but I still prefer a bearish scenario at this phase.