The USDJPY failed to continue its bearish momentum yesterday, topped at 89.24 and closed at 89.02. This fact can be seen as a false breakdown below 88.50 area which potentially produce significant upside momentum testing 89.50 even 90.50 area. The bias is bullish in nearest term. Another move below 88.50 area should trigger further bearish momentum testing 87.35 region.

The USDCHF failed to continue it’s bearish correction yesterday, topped at 1.0794 and closed at 1.0769. The bias is bullish in nearest term but I think overall price still consolidation and only a clear break above 1.0888 – 1.0900 area could continue the bullish scenario targeting 1.1000 and put the bearish correction phase to its end. Immediate support at 1.0720 area. Break below that area should keep the bearish correction scenario intact testing 1.0640 and 1.0507 area.

The EURUSD was corrected higher yesterday, topped at 1.3735 and closed at 1.3695. This fact should trigger further upside correction testing 1.3850 area. However note that the major bearish scenario remains intact as long as price still move inside the major bearish channel. While technical view suggests the pair is in bullish correction phase even a potential reversal, on fundamental side the Euro zone still have serious problem in Greek and Spain and so far we don’t have a clear clue about how the EU will solve the problem. Immediate support at 1.3690 – 1.3625 area. Break below that area should trigger further bearish momentum re-testing 1.3450.