The EURJPY was corrected higher yesterday, topped at 132.54 and close at 132.01. On h4 chart below we still have the valid bearish channel with a minor bullish channel (blue) indicating a bullish correction. The bias is neutral in nearest term and I think we are in no trading zone now but I still prefer a downside scenario towards 129.60 area in longer term. Immediate resistance at 132.80. Break above that area should trigger further bullish correction challenging the upper line of the bearish channel and could be a threat to the bearish scenario. Initial support at 131.40. Break below that area should trigger further bearish momentum.
The GBPJPY was corrected higher yesterday, topped at 151.59 and closed at 151.21. On h4 chart below we have a minor bullish channel (blue) inside the big bearish channel (red) indicating a bullish correction phase. The bias is bullish in nearest term as the price might testing the upper line of the bearish channel but as long as the bearish channel valid, we have to see the current bullish momentum as a correction. A Breakout to the upside of the bearish channel should be seen as bearish failure. Immediate resistance at 152.25. Break above that area should trigger further bullish momentum. Initial support at 150.90. Break below that area should trigger further bearish momentum and keep the bearish scenario intact.
The AUDUSD continued it’s bullish momentum yesterday, topped at 0.8426 and closed at 0.8392. Overall, the pair is still trapped in range area of 0.8477 â€“ 0.8150 indicating consolidation after bullish momentum. The bias is bullish in nearest term testing 0.8477 area but the pair need a clear break above the trendline resistance (B) to confirm the bullish scenario. A failure to move above the trendline resistance could trigger a bearish pressure testing the trendline support (A) and challenging 0.8150 support area.