The EURJPY has been moving in indecisive market for the last three days. On my h4 chart below, we have a “flag” formation which is a bullish pattern. Price consolidating after significant bullish before continue the bullish momentum especially if we have a breakout from the “flag” targeting 136.88 and 138.67. Immediate support remains at 134.70/50 area. Break below that area should be seen as potential threat to my bullish outlook.
The GBPJPY still consolidating after some bullish momentum, moving in a rectangle area of 147.03 – 149.40 as you can see in my h4 chart below. The bias is neutral in nearest term and we need a break from the rectangle area for a clearer direction. I still prefer a bullish scenario so I expect a breakout above 149.40 targeting 150.35 and 151.75 area. Break below 147.03 should trigger further bearish momentum and could be potential threat to my bullish outlook.
The AUDUSD failed to continue it’s bullish momentum yesterday. On h4 chart below we can see that this was a case of a false breakout, which potentially lead to significant bearish correction. However, correction is just a correction. Unless we have a bearish reversal signal, short position is not recommended. Price is now testing the lower line of the bullish channel. Violation to the bullish channel should trigger further downside correction back towards 0.9090.