As I had expected, the EURJPY had a bullish correction yesterday, moving towards the trendline resistance area which is still a normal movement. Surely this bullish momentum could be a potential threat to my bearish outlook and we are in no trading zone area, but only movement back above the trendline could cancel the bearish scenario. Be patient and do not rush jump into the market. The bias is bullish in nearest term testing 132.20 area. Break above that area should trigger further bullish momentum towards 134.40 and could potentially put the bearish scenario to it’s end. Immediate support at 130.60 followed by 129.70.
The GBPJPY attempted to push lower yesterday, bottomed at 139.71 but further bearish momentum was rejected as the pair whipsawed to the upside and closed higher at 142.42. On daily chart below we have a hammer formation after some bearish momentum indicating potential bullish correction, but overall I still prefer a bearish scenario which triggered by double top formation. I think we are in no trading zone now. Immediate resistance at 143.80 followed by 145.00. Initial support at 142.20 followed by 141.40.
The AUDUSD had a volatile market yesterday. My technical scenario was a mess. The pair made a false breakdown to my triangle before whipsawed to the upside, topped at 0.8755 and closed at 0.8722. This fact should trigger further bullish view re-testing 0.8787 but I think it’s better to stay away now since actually the market is still in consolidation phase in bigger term outlook, moving between 0.8787 – 0.8500 range area.