The EURJPY attempted to push higher yesterday, topped at 134.72 but closed lower at 133.99. The bearish outlook in medium term was over but the bullish scenario is not confirm yet until we have breakout on trendline resistance (see h4 chart below). At this phase, expect a trading range between 131.50 â€“ 134.80 area. Immediate support is seen at 133.50. Break below that area should trigger further bearish momentum re-testing 131.50. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.
The GBPJPY had a bullish momentum yesterday, topped at 156.42 and closed at 155.83. The bullish momentum seem to be strong, but we need to be very careful at this phase. Yes, the medium term bearish view is over now and I prefer a bullish scenario, but we better not to rush to make conclusion about bullish view especially because we still have trendline resistance to be tested (see daily chart below). Immediate resistance at 156.42 (yesterday’s high). Break above that area should trigger further bullish momentum towards 157.90. Initial support at 154.50. Break below that area should trigger further bearish momentum back towards 153.00.
The AUDUSD had a significant bullish momentum yesterday, topped at 0.8177 and closed at 0.8155. On daily chart below we can see that the trendline resistance has been violated to the upside indicating a potential bullish view. The bias is bullish in nearest term targeting 0.8261. However CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 0.8100 support area. Break below that area should take us into no trading zone.