The EURJPY continued it’s bearish momentum yesterday. The pair bottomed at 132.71 and closed at 133.35. On daily chart below we can see that the pair seems ready to test the bullish trendline support. The bias is bearish in nearest term targeting 131.50 but remains neutral in medium term. CCI in oversold area and about to cross the -100 line up on h4 chart so watch out for potential upside rebound testing 134.25 resistance area. Break above that area should lead us to no trading zone.
We had a volatile market yesterday. The GBPJPY hit my short target at 156.60, bottomed at 156.45 before whipsawed to the upside, hit the top at 160.34 and closed at 158.13. On h4 chart below we can see that after violated the trendline to the downside, price attempted to move back testing the trendline (now become resistance) but the trendline holds so far. The bias is neutral in nearest term but as long as the trendline resistance hold, expect further downside pressure. Immediate resistance at 158.85. Break above that area should bring us into no trading zone. Initial support is seen at 156.20. Break below that area should trigger further bearish momentum targeting 154.90 area.
The AUDUSD didn’t make significant movement yesterday. The pair attempted to push higher, topped at 0.8056 but closed lower at 0.7930. The bias is neutral in nearest term and I think we are in no trading zone area. However I am expecting further bearish pressure testing key support level around 0.7825 area. Immediate resistance is seen at 0.8056 (yesterday’s high) break above that area should trigger further bullish momentum.