The EURJPY failed to consistently move above the trendline resistance (blue) yesterday, produced a false breakout and triggered significant bearish momentum and now traded below the trendline support (red, now resistance). The bias is bearish in nearest term targeting 131.56 area. Immediate resistance at 133.20 and trendline resistance (red) area. Break above that area should be seen as bearish failure and lead us back into no trading zone as direction would become unclear for me and my technical study would be a mess.
My technical study worked perfectly yesterday and we saw how a trendline break can be very effective. The pair continued its bearish momentum, hit my short target at 148.24 even lower, bottomed at 147.30 and closed at 148.06. The bias is neutral in nearest term but I prefer a bearish scenario. CCI in oversold area and heading up on h4 chart so any upside rebound today won’t be a surprise for me. Immediate resistance at 148.50 area. Break above that area should lead us into no trading zone in nearest as price might rebound higher and direction would be unclear for me. Initial support at 147.50/30 area. Break below that area should lead to further bearish momentum targeting 146.36 area.
The AUDUSD had a significant bearish momentum yesterday. On h4 chart below we can see that after break below my minor trendline support, price had a nice bearish momentum, bottomed at 0.9131 and closed at 0.9190. The bias is bearish in nearest term targeting 0.9090. The bullish scenario now not only in serious threat, but it seems like a bearish reversal scenario back towards 0.8915 is open wide. Immediate resistance at 0.9220 area. Break above that area should lead us into no trading zone.