The EURJPY had a bullish momentum on Friday and made a significant technical movement, break above the trendline resistance (blue, now become support). This fact should keep the bullish correction scenario intact, challenging the major bearish trendline resistance (red). The bias is bullish in nearest term targeting 133.87 but I since still prefer a bearish scenario, I think I will stay out from the market for now and wait for further development. Immediate support at 131.80/30 area. Break below that area should diminish the bullish correction scenario.
The GBPJPY made indecisive movement on Friday. On h4 chart below, the bullish correction which triggered by the double bottom formation still unable to move consistently above the trendline resistance (blue) as price still struggling around that area. For me, since I still prefer a bearish scenario but bullish correction also still intact, I think I will keep stay out for now. Immediate support at 141.80 followed by 141.00. Initial resistance at 143.09 (Friday’s high). Break above that area should trigger further bullish correction towards 144.00 area.
The AUDUSD corrected lower on Friday, a normal rebound after significant bullish. We might still have further downside correction today testing 0.9000 – 0.8950 support area, which is my key support level for today. I will be watching any reactions around that area before make any decision today. A significant rejection to move below that area should continue the bullish scenario while break below that area should trigger further bearish correction and diminish the bullish scenario. On the upside, break above 0.9090 should trigger another bullish breakout scenario targeting 0.9180 area before aim for 0.9300.