The EURJPY made indecisive movement yesterday. Maybe it’s time to look at a new technical perspective. As you can see in my daily chart below, we have a triangle formation indicating consolidation. The movement started with bigger volume but become smaller as price move near the end of the triangle indicating break from the triangle should be imminent. I still prefer a bullish scenario thus expect a breakout from the triangle. Until we have break from the triangle, we are still in no trading zone. Immediate support at 133.80. Break below that area should be seen as potential bullish failure. Initial resistance at 135.34. Break above that area should trigger further bullish momentum.
The GBPJPY had a bearish momentum yesterday. However, if you look at the daily chart below actually we still have no clear direction so far as price still move between trendline support (blue) and resistance (red). If you notice, I have made little adjustment to those trendlines. We are still in no trading zone but I am expecting break on either side to see clearer direction. Immediate support at 148.50. Break below that area should trigger further bearish momentum and scenario. Initial resistance at 149.50 followed by 150.15.
The AUDUSD had indecisive movement yesterday. The pair slipped above 0.9327 but failed to closed above it. However, earlier today in Asian market the pair made another break above 0.9327. This fact indicating potential further bullish scenario targeting 0.9400 and 0.9500. A move back below 0.9327 should lead us into no trading zone as it will indicate hesitation and direction would become unclear for me.