The EURJPY had limited bullish momentum yesterday. So far I don’t have significant technical event and although the bullish pressure seems losing some momentum, there is not enough evidence that the bullish correction is over and the major trendline resistance area remains potential bullish correction target. I still prefer a bearish scenario and I think I will keep out from the market. Immediate support at 132.40 followed by 131.90. Break below 131.90 could be a potential threat to the bullish correction outlook.
The GBPJPY attempted to push higher yesterday, topped at 143.20 but whipsawed to the downside and closed lower at 141.54. On h4 chart below we can easily see that the trendline resistance area is a battle field between buyers and sellers. So far, the sellers are in advantage as price now traded below the trendline area. The bias is neutral in nearest term and we are in no trading zone now but I still prefer a bearish scenario. Immediate support at 141.00 followed by 139.71. Initial resistance at 143.20 (yesterday’s high) followed by 144.00.
The AUDUSD was able to maintain it’s bullish momentum yesterday, found support at 0.8982 and touched 0.9094 early today but still unable to move consistently above 0.9090 area. I think I have 2 potential long trades plan for today. First is a breakout trading above 0.9090. Second is if I see a significant rejection to move below 0.9000 – 0.8982. Short position is not recommended at this phase and 0.9300 remains potential bullish target in medium term.