My technical strategy to short around the trendline resistance worked perfectly yesterday as price had a significant bearish momentum, bottomed at 125.66 and closed at 126.14. The bias is bearish in nearest term targeting 124.50. Immediate resistance at 126.89. Break above that area should lead us into no trading zone in nearest term but I still prefer a bearish scenario at this phase.
The GBPJPY had a bearish momentum yesterday. On daily chart below we can see that price slipped below the triangle indicating potential bearish outlook. The bias is bearish in nearest term targeting 143.15 – 142.00 area. However if price goes back inside the triangle, we are back in no trading zone as direction would become unclear. Immediate resistance at 145.00. Break above that area should trigger further bullish momentum testing 146.08 area.
The AUDUSD attempted to push lower yesterday, break below 0.8980, but failed to consistently move below range area. This fact could trigger a false breakdown scenario which could produce further bullish correction testing 0.9090 area. However, overall the bearish scenario remains intact and I still prefer a bearish scenario with sell on rallies strategy. Break below 0.8980 should trigger further bearish momentum targeting 0.8910.