The EURJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but still within the context of a major bullish outlook targeting 114.00 and 114.90. However, as you can see on my h4 chart below, we have a rising wedge formation which is a bearish pattern and could be a threat to the bullish outlook especially if price breaks below the wedge and consistently move below 113.00 testing 112.08 even re-testing 110.80 key support area.
The GBPJPY didn’t make significant move yesterday. The bias is neutral in nearest term but still within the context of a strong bullish scenario. Aggressive intraday traders can still long around 134.20 as there is a good risk – reward ratio there, targeting 135.44. A clear break above that area would give us further validation to the bullish scenario testing 136.50 and 137.75. On the downside, a clear break below 134.20 could trigger further bearish pullback testing 133.50/00 support area.
The AUDUSD had a significant bullish momentum yesterday, topped at 1.0128 after made a strong break above 1.0070 as you can see on my h4 chart below. The breakout from the range area could trigger further bullish scenario testing 1.0140 – 1.0200/56 (all time high) in nearest term. On the downside, a bearish pullback below 1.0070 would lead us to neutral zone in nearest term testing 1.0020 support area but overall we are still in a major bullish outlook unless price makes a clear break below the rising wedge formation.
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