My technical strategy to short around 126.89 with tight stop loss worked fine yesterday as price is now moving lower after rejected to consistently move above that area. The bias remains neutral in nearest term since actually we do not have significant technical movement so far. 126.89 area remains good place to short. We need a clear break above that area to continue further bullish correction towards 129.00 area. Immediate support at 125.65. Break below that area should trigger further bearish momentum towards 124.70/50 area.
The GBPJPY made another indecisive movement yesterday. On h4 chart below we can see that the falling wedge has been violated to the upside indicating potential bullish view but we do not have significant bullish momentum so far so I am begin to doubt this falling wedge bullish scenario. The bias remains neutral in nearest term. I think at least we need a break above 145.45 area to confirm the falling wedge bullish scenario towards 146.20 and 147.20 area. Immediate support at 143.80. Break below that area should trigger further bearish momentum towards 143.00 area.
The AUDUSD attempted to push higher yesterday, topped at 0.8914 but whipsawed to the downside and closed lower 0.8828. This fact should keep the bearish scenario intact, but note that we are still trapped in range area of 0.8925 – 0.8780 and the best strategy is to short around 0.8925 or long around 0.8780 with a tight stop loss. Break above 0.8925 should trigger further bullish correction testing the upper line of the bearish channel while break below 0.8780/33 should continue the bearish scenario targeting 0.8550 area.