The EURJPY had a significant bullish momentum last week and now slipped above the trend line resistance. This fact is a serious threat for the major bearish scenario since the fall from 123.31 and could be the beginning of a new bullish phase. As you can see on my h4 chart below price is now testing the upper line of the range area around 117.88. A clear break above that area could trigger further bullish scenario testing 119.77 – 120.00 even 123.31. Immediate support at 116.50 – 116.00. A failure to make a clear break above 117.88 and a break below 116.00 would stop the current bullish intraday outlook.
The GBPJPY was corrected higher last week. The appearance of the falling wedge on hourly chart suggests potential bullish pullback testing 130.20. A quick look at weekly chart easily reveals that price has been moving in a range area between 130.20/50 – 128.16/20 in the last two weeks and need a clear break on either side to see clearer direction. A clear break above 130.20/50 could trigger further bullish pullback testing 132.30 while a clear break below 128.20 could continue the major bearish scenario testing 127.77 and 125.95 region and stop the falling wedge bullish outlook.
The AUDUSD had a significant bullish momentum last week, slipped above 1.0770 and now struggling around that area. The bias is bullish in nearest term especially if price able to make a clear break above 1.0770 testing 1.0877 even 1.1010 all time high. There is something interesting when I looked at the h4 chart today where price action probably could form a H&S formation. Of course this is just my imagination. No H&S formation so far and the current bullish intraday outlook remain bullish. Immediate support is seen at 1.0670 followed by 1.0600.
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