The EURJPY was indecisive yesterday. On h4 chart below we can see that after had significant bearish momentum, price has been moving in a range area of 121.50 – 124.25 area indicating consolidation. The bias is neutral in nearest term but we seem to have a potential nearest term bottom around 121.50 area which could trigger upside correction testing 124.25 area especially if the bearish channel violated to the upside.
The GBPJPY also indecisive yesterday. The bias remains neutral in nearest term as price is consolidating, but as you can see on my h4 chart below price has been moving in an ascending triangle formation indicating potential upside correction scenario especially if price able to move consistently above 141.50 targeting 143.00 area. Immediate support at 140.00 area. Break below that area should be seen as bullish correction scenario failure and trigger further bearish momentum re-testing 138.23 area.
Like other major pairs, the AUDUSD didn’t make significant movement yesterday. Although the bullish scenario remains intact after price violated the bearish channel on February 11, so far we don’t have further significant bullish momentum and price still trapped in range area of 0.8910 – 0.8780. I think the best strategy remains to short around 0.8910 or long around 0.8780 with a tight stop loss. Consistent move above 0.8910 should trigger further bullish momentum targeting 0.9040 area.