The EURJPY was indecisive yesterday, made a Doji on daily chart. Overall price still in consolidation phase after significant bearish movement, trapped in range area of 114.50 – 108.83. The bias remains neutral in nearest term. However, as you can see on my h4 chart below, we have a rising wedge formation which is a bearish pattern especially if price able to break below the formation testing 108.83 area. On the upside, only a movement above 114.50 could be a serious threat to the major bearish scenario.
The GBPJPY didn’t make significant movement yesterday. We are still in bullish correction phase as price still move inside the bullish channel as you can see on my h4 chart below but need a clear break above 136.75 to continue the upside scenario testing 139.50 region. Immediate support at 134.54 (yesterday’s low). Break below that area could trigger further bearish pressure testing 133.20 area but as long as price move inside the bullish channel the upside correction scenario remains intact.
The AUDUSD attempted to push higher yesterday, topped at 0.8521 but closed lower at 0.8444. The bias remains neutral in nearest term and price still trapped in range area of 0.8550 – 0.8275 but the rejection to move above 0.8550 yesterday could give a downside pressure today. We need a break from the range area to see clearer direction. Break above 0.8550 could trigger further upside momentum testing 0.8715 area while a break below 0.8275 could trigger further bearish pressure testing 0.8070 region.
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