The EURJPY had another indecisive movement yesterday. The pair attempted to push lower, bottomed at 133.29 but closed higher at 133.75. On h4 chart below we can see that this was a case of false breakdown from the range area. I still prefer a bullish scenario and a false breakdown usually lead to significant bullish momentum. However, I think it’s better to stay out for now and wait for further development as the market seems to consolidate now. Immediate support at 133.29 (yesterday’s low) and 132.80 area. Initial resistance remains at 134.50 Break above that area should trigger further bullish momentum at least towardsÂ 135.30. CCI in neutral area both on h4 and daily chart.
The GBPJPY had a moderate bullish momentum yesterday. On h4 chart below we can see that the bullish channel hold so far indicating bullish scenario remains intact. However CCI just cross the 100 line down on h4 chart suggesting potential downside pressure re-testing the bullish channel and 152.30 support area. Break below that area and a violation to the bullish channel should lead us into no trading zone. Immediate resistance at 153.30. Break above that area should trigger further bullish momentum testing 154.35.
The AUDUSD made indecisive movement yesterday, formed a Doji on daily chart. On h1 chart below we can see that the bullish channel has been violated to the downside indicating a paused of bullish momentum as the price consolidating in range area of 0% – 23.6% Fibo retracement of 0.8239 â€“ 0.8665. The bias is neutral in nearest term, but I still prefer a bullish scenario. I will pay attention to support area at 0.8565 (23.6% Fibo). If price break below that area, we should see further bearish correction towards 0.8500 area, but if we see downside rejection after touch that support area, expect further bullish momentum back towards 0.8665 area. Break above that area should trigger further bullish momentum targeting 0.8730.