The EURJPY had a significant bearish momentum yesterday, break below the bullish channel indicating potential threat to the bullish scenario. The bias is bearish in nearest term but we need a consistent move below 123.00 – 122.50 area to confirm the bearish scenario targeting 121.70 even 119.70 area. From a longer term point of view, I believe that only a break below 119.70 area could be seen as the continuation of the major bearish scenario testing 117.50 even 112.10 area. Immediate resistance at 123.90. Break above that area should trigger further bullish momentum re-testing 125.15 region.
The GBPJPY didn’t make significant movement yesterday. The fact that price still move inside the minor bullish channel indicating the bullish correction remains intact, but so far price is unable to stay consistently above 138.30 area indicating potential false breakout scenario which could trigger bearish momentum testing the lower line of the minor bullish channel as bullish momentum wanes. Another movement above 138.30 should keep the bullish correction intact testing 141.50 region. Immediate support at 137.00. Break below that area should trigger further bearish momentum testing 136.00 area and could be a serious threat to the bullish correction scenario re-testing key support level at 132.50/00 region.
The AUDUSD didn’t make significant movement yesterday, still trapped in range area of 0.9250 – 0.9140. The bias is neutral in nearest term. We need a clear break on either side to see clearer direction towards 0.9326 or 0.9040. However, as long as price still move above the major trendline support (white) I still prefer a bullish scenario as the major trend is bullish. Technically, 0.9140 and 0.9040 area is the best places for a long position.