The EURJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but we are still in bullish correction phase. On h4 chart below we can see price slipped above the minor trend line resistance (red) indicating potential further upside momentum testing 109.20 but we haven’t seen significant volume on the break so far. On the downside, consistent move below 107.65 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 attempted to push lower yesterday, bottomed at 129.16 but closed higher at 129.74 and traded around 130.04 at the time I wrote this comment. The bias is neutral in nearest term and potential range remains 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, which is a strong support at this phase, to continue the bearish scenario testing 126.75.
The AUDUSD didn’t make significant movement yesterday, but the 0.9040 support area still hold so far keep the bullish outlook strong. Price is now struggling around the trend line resistance. A clear break above that trend line could trigger further bullish momentum testing 0.9145 even 0.9220 region. On the downside, break below 0.9040 could trigger a bearish correction 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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