The EURJPY continued its moderate bullish momentum on Thursday, topped at 131.86 but still unable to close convincingly above 131.75 area. The bullish scenario should remains intact but a failure to move consistently above 131.75 area and a break below 131.05 support area today should be seen as a false breakout which could trigger further bearish momentum towards 130.05 area. Consistent move above 131.75 should continue the bullish scenario at least towards 132.50 area.
The GBPJPY made indecisive movement on Thursday, formed a Doji on daily chart. On h4 chart below we can see that price is moving near the trendline support area. Since overall the bullish scenario remains intact, I think we have a good technical set up to place a long position around the trendline support area with tight stop loss below it targeting least 146.80 area. Break above that area should trigger further bullish momentum towards 148.50 area. Immediate support at 145.50. Break below that area could be seen as potential bullish failure and trigger further bearish momentum towards 144.85 area.
The AUDUSD continued its bullish correction on Thursday, topped at 0.8859 and closed at 0.8839. The bearish scenario is in serious threat, but should remains intact. I think we have potential trading opportunity at this phase. Long position if we have a consistent move above 0.8850 (bearish failure) area targeting 0.8950 or a short position below 0.8800 area (bearish intact) targeting 0.8650. I still prefer a bearish scenario at this phase.
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