GBPAUD has been extremely bearish for the past 4 weeks and recently broke below the structure as well as structure levels. This indicates bearish momentum and as such, more sellers will be interested in looking for shorting opportunities. At the moment the market is retracing to a previously broken support which is expected to become a future resistance zone. Traders are keeping an eye for bearish continuation and before looking for shorts.
Similar to GBPAUD, GBPNZD has been dropping for the past 4 weeks after rejecting the structure top. The bearish trend has been breaking below structure levels and indicating more bearish strength. At the moment a retracement is forming and traders are looking for short opportunities as they are anticipating more bearish strength.
USDJPY is trading at the top of the H4 structure and is also forming an ascending channel. Furthermore the market is trading at the resistance zone as well. Traders are keeping an eye on the current price action for further confirmation of a break and close above which will indicate a breakout and more bullish strength or an aggressive rejection and a break below the channel which will indicate a reversal and further downside momentum.