The EURJPY had a significant bearish momentum on Friday after another false breakout above the trend line resistance as you can see on my h4 chart below. The bias is bearish in nearest term testing 113.40 key support area. However note that from an h4 chart point of view this pair is still moving in a sideways mode between 117.88 – 113.40 and need a clear break on either side to see clearer direction. Immediate resistance is seen at 115.50. A clear break above that area would lead us to neutral zone in nearest term as direction would become unclear retesting the trend line resistance.
The GBPJPY was indecisive last week. The intraday bias remains to the downside but looks like we have a good support around the trend line support (white) and 129.00 area that keep the falling wedge bullish scenario intact. A clear break below that support area could trigger further bearish pressure testing 128.20. Immediate resistance is seen at 129.60. A clear break above that area would lead us to neutral zone in nearest term testing 130.20/83 resistance area.
The AUDUSD was volatile but indecisive on Friday. The bias is neutral in nearest term. On h4 chart below we have a potential double top bearish formation as a result of the failure to make a clear break above 1.0770 suggests another potential bearish outlook especially if price able to make a clear break below 1.0650 testing 1.0500 region. On the upside we need a clear break above 1.0770/90 to continue the bullish scenario testing 1.0877 and the all time high 1.1010.
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