USDJPY trading lower towards 97.40 support zone, the pair is currently trading just above the resistance trend line set from May highs. Yesterday the USDJPY topped at 98.72 and started trading below and eventually closing the day down. Next area of interest is at 96.99, followed by 96.37 and eventually 95.77, the AUG lows. Bias remains to the downside as long as the pair is below Yesterday’s high at 97.72.
AUDUSD retracing some of yesterday’s gains as the pair is coming off at early European session. Yesterday the pair registered a long bullish candle and approached last week’s highs. A move below 0.9280 will resume the bearish sentiment, alternatively if the pair manages to hold above this level we could see a move towards SEP highs and even above, before a resumption of the bearish trend.
The GBPUSD posting a bearish pin bar yesterday, after the pair climbed towards levels which haven’t been seen in the pair since Dec 2012. But the cable eventually closed the trading day moderately higher forming the pin bar candle. The pin bar formation could indicate an exhaustion of the latest rally and an initiation of a retracement for the short term at least. A move below 1.6136 is needed to confirm a downside short term bias.