The EURJPY attempted to push higher yesterday, topped at 125.06 but closed lower at 124.04 and now is testing the lower line of the bullish channel indicating critical technical phase. After had bullish running since formed the double bottom around 119.70, the bullish momentum is now face a double top formation around 125.15. A violation to the bearish channel should be seen as bullish failure and trigger further bearish momentum at least towards 121.70 area especially if price able to break below 123.00 support. On the upside, break above 125.15 area should trigger further bullish momentum targeting 126.90.
The GBPJPY slipped above 138.30 yesterday, topped at 139.34 but closed significantly lower at 138.32 and now move back below 138.30 area. As long as price still move inside the bullish channel, the bullish scenario should remain intact. The bias is neutral in nearest term but this fact could potentially produce a false breakout scenario if price fail to consistently move above 138.30 area testing the lower line of the bullish channel. Immediate support at 137.11. Break below that area should trigger further bearish momentum.
The AUDUSD had a moderate bullish momentum yesterday, topped at 0.9250 and closed at 0.9234. The bullish scenario remains intact with technical target now around 0.9326 but we need a consistent move above 0.9250 to continue the bullish scenario. Immediate support at 0.9200. Break below that area could trigger further bearish correction testing 0.9140 but as long as price move above the trendline support the major bullish scenario remains intact.