The EURJPY continued its bearish momentum yesterday after break below 122.35, bottomed at 119.94 and closed at 120.21. Earlier today in Asian session we had minor upside pullback, traded around 120.50 at the time I wrote this comment. CCI in oversold area and show potential bearish exhaustion so watch out for potential upside correction today. Immediate resistance at 121.10. Break above that area could trigger further bullish momentum testing 122.00 region. Initial support at 119.50/60. Break below that area could trigger further bearish momentum testing 118.50/40 area.
The GBPJPY slipped below 141.60 yesterday but so far price still unable to consistently move below that level indicating the movement still trapped in range area. The best strategy remains to long around 141.60 or short around 145.95 with tight stop loss.
As you can see on h1 chart below, the AUDUSD is moving in triangle area after significant bearish momentum indicating consolidation. The bias is neutral in nearest term and we need a break from the triangle to see clearer direction. Breakout above the triangle could trigger further bullish momentum testing 0.9160/50 area while breakdown below the triangle could trigger further bearish momentum testing 0.9000 – 0.8970 region.
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