The EURJPY was corrected higher yesterday, topped at 108.59 and closed at 108.13. As you can see on my h4 chart below, overall price is in bullish correction phase after bottomed at 105.43 and making a bullish channel. Immediate resistance at the minor trend line resistance (red) and 108.59. Break above that area could trigger further upside correction testing 109.20/50 region. Immediate support at 107.65. Consistent move below that area could trigger further bearish pressure testing 106.57 but as long as price move inside the bullish channel the upside correction scenario remains intact.
The GBPJPY also corrected higher yesterday, but still unable to break above 130.80 resistance so far. Potential range at 130.80 – 128.65. Break above 130.80 could trigger further upside correction towards 132.00 before testing the upper line of the bearish channel but as long as price move inside the bearish channel the major scenario remains bearish. On the downside, we need a break below 128.65 to continue the bearish scenario testing 126.75.
The AUDUSD had a significant bullish momentum yesterday, break above 0.9040 resistance area, topped at 0.9113 but traded lower around 0.9070 at the time I wrote this comment. The bias is bullish in nearest term testing 0.9145. Another move below 0.9040 could lead us into neutral zone with potential downside pullback testing 0.8950/60 region but as long as price move inside the bullish channel and above 0.8858 key support area I still prefer a bullish scenario.
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