The EURUSD attempted to push higher yesterday, peaked at 1.5140 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 1.5037 and closed at 1.5053. The bullish scenario remains intact but price formed a double top formation around 1.5140 area indicating potential downside pullback testing 1.5000 – 1.4950/20 area. Break below 1.4950/20 area should trigger further bearish momentum retesting 1.4820 and the major trendline support area (red). 

USDJPY Forecast:
The USDJPY made indecisive movement yesterday. The bullish correction scenario triggered by hammer formation remains intact, but found good resistance around 87.50 area. The bias remains neutral in nearest term. Unless we have a break below 86.10 area, the bullish correction scenario should remains intact especially if price able to break above 87.50 area, targeting 88.80 and the major trendline resistance (red). I prefer to buy the dips since intervention threat by the Japanese government should offer good long position opportunity every time price attempt to push lower.

The EURUSD had a bullish momentum yesterday, topped at 1.5116 and closed at 1.5074. On h4 chart below we can see that my bearish channel has been violated to the upside indicating potential further bullish momentum at least testing 1.5140/50 area before aim for 1.5300. Immediate support at 1.5062 area. Break below that area should lead us into no trading zone in nearest term testing 1.4950 area but the overall sentiment remains negative for the Greenback. Stocks market seems to recover nicely from Dubai World panic reaction last week while gold keep making new all time highs pressing the Dollar down.