The EURJPY had a bullish momentum yesterday, but still trapped in range area of 126.89 – 124.50 area. I think we area in no trading zone in nearest term, but the bias is bullish testing 126.89 area. Break above that area should be seen as a serious threat to the bearish scenario and trigger further bullish momentum towards 129.00 area. Immediate support at 125.65. Break below that area should keep the bearish scenario towards 124.50 intact.
The GBPJPY failed to continue its bearish momentum yesterday, closed higher at 144.57. This fact lead me into a conclusion that we are now in no trading zone as direction is not clear for this pair. The bias is bullish in nearest term testing 145.45. Break above that area should trigger further bullish momentum towards 146.22 even 147.20 area. Immediate support at 144.20 area. Break below that area should trigger further bearish momentum towards 143.05 area.
The AUDUSD failed to consistently move below 0.8810 yesterday and whipsawed to the upside, topped at 0.8919 and closed at 0.8910. The false breakdown below 0.8810 could produce a bullish momentum but we need a consistent move above 0.8910 to continue the bullish momentum targeting 0.8980 in nearest term, but the bearish scenario in long term should remains intact and only violation to the bearish channel could be seen as potential threat to the bearish scenario. Immediate support at 0.8880. Break below that area should trigger further bearish momentum back towards 0.8810 again.