The EURJPY had a bullish momentum yesterday but found a good resistance around 117.80 and traded lower earlier today in Asian session, hit 116.89. There are no changes in my daily technical outlook where price still trapped in range area of 117.80 – 116.00 and need a clear break on either side to see clearer direction. Aggressive intraday traders still can short around 117.80 or long around 116.00 with tight stop loss. Price still moves inside a bullish channel as you can see on my h4 chart below suggests a bullish outlook and only a violation to the bullish channel and a clear break below 114.00 would cancel the bullish outlook and might lead us to a new bearish phase. On the upside we need a clear break above 117.80 to continue the bullish scenario testing 118.50 – 119.00.
The GBPJPY failed to continue its bearish momentum yesterday. On h4 chart below we can see price is moving in a triangle formation after the break below the bullish channel indicates consolidation phase. Price has been moving indecisively since Monday between 132.28 – 130.80. My overall intraday bias remains more to the downside but would need a clear break below 130.20 to continue the bearish scenario testing 129.00 and 128.00. Until that happen I prefer to stand aside for now. On the upside, I don’t expect any move above 132.28 and the triangle formation as it would be a threat to my bearish intraday bias.
The AUDUSD made another indecisive movement yesterday but had some downside pressures earlier today in Asian session and slipped below 1.0650 support area. The bullish flag formation I showed you yesterday is no longer valid. The bias is bearish in nearest term but looks like price probably would still be trapped in range area of 1.0756/70 – 1.0600 and need a clear break on either side to see clearer direction. I prefer to stand aside for now. Aggressive traders can short around 1.0756/70 or long around 1.0600 with tight stop loss. A clear break below 1.0600 could trigger further bearish momentum at least testing 1.0500 region. On the upside, a clear break above 1.0770 would trigger further bullish momentum testing 1.0887 even retesting 1.1010.
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