The EURJPY was corrected higher yesterday. On h4 chart below we can see that the price has break above 130.60 area and now testing the minor trendline resistance (blue). In longer term point of view, the major trendline resistance (red) makes me prefer bearish scenario but a breakout above the minor trendline resistance should trigger a bullish correction at least testing 132.00/50 area in nearest term. The bias is bullish in nearest term but since I prefer a bearish scenario I will be watching any reactions around the minor resistance area. A significant rejection to go above the minor trendline resistance and failure to keep stay above 130.60 could trigger a bearish momentum re-testing 129.56 area.
The GBPJPY was corrected higher yesterday, but like I said, that was not a surprise for me since the double bottom formation already give us a warning of a bullish correction scenario. As you can see on my h4 chart below, the bullish correction now challenging the trendline resistance (blue) area. Break above that area should trigger further bullish correction towards 143.90 area but I still prefer a bearish scenario and long position won’t be comfortable for me at this phase. I will be watching any reactions around the trendline. A significant rejection to move above the trendline might give me a good short trade set up re-testing 140.90 area.
The AUDUSD made another significant bullish momentum yesterday, topped at .0.9089 and closed at 0.9067. There is something interesting on my h4 chart below, about how trading the breakouts could be very profitable. As you can see on my h4 chart below, during the bullish momentum we already have 3 successful breakouts scenario and now we entering the 4th stage of another potential breakout above 0.9090 area targeting 0.9180 even 0.9350 area. However there was a minor rejection after touched the 0.9090 area as price rebound lower but this is a normal correction and short trade is not recommended at this phase. Immediate resistance at 0.9000 followed by 0.8950.