As you can see on my h4 chart below, he EURJPY is moving inside a triangle formation indicating consolidation phase. The bias is neutral in nearest term. The major trend still bearish but the we also still in upside correction phase. We need a break from the triangle to see clearer direction. Break above the triangle should continue the upside correction scenario testing 114.50 and 115.50 area. On the other hand break below the triangle could end the upside correction and price ready to resume its major bearish scenario at testing 109.75 region.
The GBPJPY didn’t make significant movement on Friday. The bias is neutral in nearest term but we are still in upside correction phase especially if price able to break above the minor trendline resistance (white). On the downside, immediate support is seen at the lower line of the bullish channel. Consistent move below the bullish channel and 132.70 area could end the bullish correction phase and price ready to resume its major bearish scenario testing 130.40 region.
The AUDUSD had a gap on Asian session earlier today. Price opened higher at 0.8805 more than 100 pips higher compared to its closing price on Friday at 0.8698. On daily chart below we can see that price has been moving to the upside after made a triple bottom around 0.8070. The break above 0.8550 confirm the bullish scenario targeting 0.8950 – 0.9100 area. Immediate support at 0.8698. Note that the gaps are oftenly filled so any downside pullback towards 0.8698 is surely normal. Break below that area could lead us into no trading zone in nearest term but as long as price stay above 0.8550 the main scenario remains bullish.
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