The EURJPY spiked higher yesterday on SNB intervention, slipped above 109.45 but the bullish momentum was short lived and closed lower at 108.60. The bias is neutral in nearest term but my overall technical bias remains to the downside, testing 106.57 especially if price able to move consistently below 108.00. Immediate resistance is seen around 108.80. A clear break above that area could trigger further bullish pressure testing 109.45 but as long as price stays below the trend line I still prefer a bearish scenario at this phase.
The GBPJPY attempted to push higher yesterday, slipped above 124.85 on SNB intervention but the bullish momentum was short lived and whipsawed to the downside, hit 123.04. The bias is neutral in nearest term but my overall technical bias remains to the downside testing 122.93. A clear break and daily close below 122.93 could trigger further bearish scenario testing 2009 low at 118.83. Immediate resistance is seen around 124.00. A clear break back above that area could trigger further bullish pullback testing 124.85 but as long as price stays below the trend line resistance the major scenario remains to the downside.
The AUDUSD was volatile but indecisive yesterday. The SNB intervention created a broad short lived Greenback weakness and price still hold below 1.0600 so far. The bias is neutral in nearest term. There are some upside pressures earlier today in Asian session, testing 1.0600. A clear break back above 1.0600 could trigger further bullish pressure testing the trend line resistance. As you can see on my daily chart below, I drew a triangle formation and expect a wide range of consolidation phase inside the triangle after hit all time high, with a trend line resistance (red) as the upper line and trend line support (white) as the lower line. Immediate support is seen around 1.0550. A clear break below that area could trigger further bearish pressure testing 1.0500 – 1.0480.
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