The EURJPY was indecisive yesterday, made a Doji on daily chart and now struggling around 116.00. There are no changes in my daily technical outlook and price still trapped in range area of 116.00 – 114.00. An important technical perspective is that price is moving inside a new wide bullish channel since the failure to move consistently below 114.00 support area as you can see on my h4 chart below. Aggressive intraday traders can still short around 116.00 but must have a tight stop loss as a clear break above 116.00 could trigger further upside pullback testing 117.22 even testing the trend line resistance (white).
The GBPJPY continued its bullish bias yesterday, break above the trend line resistance as you can see on my h4 chart below and hit 133.78 earlier today in Asian session. This fact is a serious threat to the bearish outlook and changes my intraday bias to bullish testing 134.00/50 resistance area. Immediate support at 132.97. A clear break below that area would lead us to neutral zone in nearest term as direction would become unclear. A clear break above 134.50 could trigger further upside momentum testing 136.00 region. The medium term bearish scenario since the fall from 140.00 should remain intact and it’s too early for a new bullish reversal scenario but would need a clear break below 130.20 to continue the bearish scenario.
The AUDUSD attempted to push lower yesterday, bottomed at 1.0440 but closed higher at 1.0509 and hit 1.0600 earlier today in Asian session. Overall we are still in a bearish phase since the fall from all time high 1.1010 and I still interested to short around the trend line resistance and 1.0700 region due to a good risk – reward ratio. However, as you can see on my daily chart below, yesterday’s movement formed a hammer candlestick formation suggests potential upside pullback. Aggressive intraday traders may turn on their bullish mode testing 1.0640/50. Immediate support at 1.0540. A clear break below that area would lead us to neutral zone in nearest term but would keep the bearish scenario strong testing 1.0500 – 1.0440 area.
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