The EURJPY didn’t make a significant movement yesterday. On h4 chart below we can see that the pair is in consolidation phase, corrected higher after some bearish momentum. Since I prefer a bearish scenario, I am think about placing a short trade today if I see a rejection to move above the trendline resistance area with tight stop loss above the trendline. Expected range at 132.40 – 130.60. Break above 132.40 could trigger further bullish momentum and potentially cancel my bearish scenario while break below 130.60 should lead us towards 129.79 before aim for 127.00 area.
The GBPJPY mad indecisive movement yesterday, a common movement during consolidation phase. Technically we do not have significant momentum so I prefer to stay out for now. The bullish correction triggered by the Hammer is still valid so do not rush selling now. Immediate resistance at 144.52 (yesterday’s high) followed by 145.40. Initial support at 142.15. Break below that area could potentially put the bullish correction to it’s end and aim for 139.70 area.
The AUDUSD had a significant bullish momentum yesterday. On daily chart below we can see that after breakout above 0.8787, the pair topped at 0.8846 and closed at 0.8835. This is nothing but a bullish scenario for me. The bias is bullish in nearest term targeting 0.8950. Immediate support at 0.8787. Break below that area should trigger further bearish pressure as price might losing it’s bullish momentum and lead us back into no trading zone.