The EURJPY had a significant bearish momentum yesterday, moved back below the trendline indicating potential bullish failure which could trigger further bearish pressure. However, from Fibonacci retracement point of view, as you can see on my h4 chart below, a pullback to the 32.8% area around 131.40 is actually normal. We need a valid break below that area to confirm bearish scenario targeting 130.63 and 129.90. Another movement above the trendline should lead us into no trading zone as direction would become unclear for me.
The GBPJPY had a significant bearish momentum yesterday, bottomed at 146.11 and closed at 146.41. On daily chart below we can see that price is now struggling around the trendline area indicating critical phase. The bullish scenario, although in serious threat, should remains intact as long as price able to stay above the trendline. Immediate support at 145.75 area. Break below that area should be seen as bullish failure and trigger bearish momentum towards 143.80 area. Initial resistance at 147.30 area. Break above that area should keep the bullish scenario intact testing 148.95 area.
The AUDUSD made indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we can see that bullish momentum was rejected by the trendline resistance. This fact indicating a consolidation phase with expected range between 0.9190 – 0.9075 area. Break above 0.9190 and the trendline area should continue further bullish scenario towards 0.9230 – 0.9292 area. Break below 0.9075 could be seen as a serious threat to the bullish outlook testing the bullish channel.