The EURJPY had a bullish momentum yesterday, topped at 134.87 and closed at 134.40. On h4 chart below we can see that technical mess continue as the pair now back above the trendline indicating indecisive, market hesitation and unclear direction. What is the best thing to do in this situation? Nothing. Just stay away from the market until we have a clear direction. Immediate resistance at 134.90. Break above that area could trigger further bullish momentum re-testing 136.08 area. Initial support at 133.20.
The GBPJPY had a bullish momentum yesterday. On h4 chart below we can see that the rising wedge bearish scenario has failed as the price maintain position convincingly above the trendline. This fact should be seen as potential bullish outlook at least testing 158.60 area. However, CCI about to cross the 100 line down on h4 chart suggesting potential downside pullback testing 157.00 â€“ 156.50 support area. Break below that area should be seen as potential bullish failure.
As I had expected, the AUDUSD had another bullish momentum yesterday after corrected lower on Wednesday. Today we have US GDP data that should be very important for us to determine whether we have confirmation on bullish continuation scenario or go back into boring range market or even potential bearish scenario. A worse than expected GDP data should cancel the bullish outlook while a better than expected data should support bullish outlook towards 0.8500 area. Good luck