USDJPY Forecast:

As I had expected, the USDJPY continued its bearish momentum yesterday, bottomed at 86.28 and closed at 86.39. Earlier today in Asian session, the pair attempted to push lower, bottomed at 84.79 but concern about Japanese government intervention brought the pair higher around 85.95 at the time I wrote this comment. On my h4 chart below, we have a hammer candlestick formation which potentially lead to bullish reversal, or at least correction as traders may respond further to possible intervention by Japanese government to bring the Yen weaker. I think I will stand aside for now.

GBPUSD Forecast:

CCI warning about potential downside pullback was proved to be a fact yesterday. However, I must admit that the bearish pullback was much stronger than I had expected. Price fell significantly, break below 1.6600, bottomed at 1.6466 and closed at 1.6497. On h4 chart below, the trendline support (red) which did a good job prevented further bearish pressure and brought price peaked at 1.6744 on Wednesday was broken yesterday indicating potential technical bearish targeting 1.6250 area. The bias is bearish in nearest term at least targeting 1.6330 area but direction is unclear for me in longer term. The situation can be very tricky so do not rush jumping into the market. Immediate resistance at 1.6550 area. Break above that area should trigger further bullish momentum.

Yesterday I said that EURUSD need a consistent move above 1.5150 resistance area to continue bullish towards 1.5300. The fact was, price never got higher than 1.5150 and bullish momentum was rejected. I was right at this point until price unexpectedly made further bearish momentum, fell below 1.5062, bottomed at 1.4959 and closed at 1.5006. I have to admit and realize that my technical study was completely a mess.