The EURJPY bullish correction was paused yesterday. It’s too early to say that the bullish correction is over, but today I might have a short trade opportunity. I will be watching the minor trendline support (blue) area. Break below that area could potentially end the bullish correction and continue the bearish scenario re-testing 129.03 area. Immediate resistance at 131.55 – 132.00 area. Break above that area should continue the bullish correction but long position is not recommended.
The GBPJPY had a bearish momentum yesterday, bottomed at 140.94 and closed at 141.149. As long as the pair stay below the trendline resistance (blue) I still prefer a bearish scenario. The bias remains bearish in nearest term re-testing 139.71. However CCI just cross the -100 line up on h1 chart and in oversold area and heading up on h4 chart, so watch out for potential upside rebound testing 142.00 resistance area. Break above that area should lead us into no trading zone and long position is not recommended.
The AUDUSD had another significant bullish momentum yesterday, topped at 0.8918 and closed at 0.8905. On h4 chart below we can see that price had a nice bullish momentum after break above 0.8787 area. Early today in Asian session the price was corrected lower traded around 0.8882 at the time I wrote this comment and further downside correction is normal, even needed before continue the bullish scenario at least targeting 0.8950 area. Break above that area should trigger further bullish momentum. CCI in overbought area and heading down on h4 chart suggesting potential downside correction testing 0.8850 and I will be watching any reaction around that area. Rejection to move below that area should continue the bullish momentum while break below that area should trigger further bearish pullback re-testing 0.8787 area but short position is not recommended at this phase.