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GBP/JPY breached 138.53 support briefly last week but quickly recovered. It's staying in range of 138.53 and outlook is unchanged. Price actions from 148.42 are viewed as a consolidation pattern.

Initial bias stays neutral this week first. On the downside, break of 138.53 support will bring deeper decline to 136.44 support and possibly below. However, we'd expect strong support at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. On the upside, above 142.79 will turn bias back to the upside for 144.77 and above.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

In the longer term picture, while price actions from 122.36 would develop into a medium term correction, fall from 195.86 is still seen as resuming the down trend from 251.09 (2007 high). Hence, after the correction from 122.36 completes we'd expect another fall through 116.83 low.

EUR/JPY's rebound from 118.23 short term bottom continued last week and reached as high as 122.82. Outlook is unchanged that correction from 124.08 has completed at 118.23 after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Rise from 109.20 is likely resuming.

Initial bias remains on the upside this week for 124.08 high. Break will resume whole medium term rally from 109.20 and target 126.09 key resistance next. On the downside, below 121.88 minor support will turn bias neutral and bring retreat before staging anther rally.

In the bigger picture, current development suggests that medium term rise from 109.20 is still in progress. Focus is now on 126.09 key resistance level. Sustained break will confirm completion of the whole decline from 149.76. And rise from 109.20 is of the same degree as the fall from 149.76. In such case, further rally would be seen to 104.04 resistance and possibly above before topping. Meanwhile, rejection from 126.09 will extend the fall from 149.76 through 109.209 low.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Decisive break of 126.09 will indicate that such decline is completed and EUR/JPY has started another medium term rally already. Before that, deeper fall is mildly in favor towards 94.11 low. Overall,, long term rang trading will continue.

EUR/AUD's strong rebound from 1.3642 short term bottom continued last week and reached as high as 1.4178. The development added more credence to the case of medium term trend reversal after defending key support level at 1.3671, on bullish convergence condition in daily MACD.

Initial bias remains on the upside this week for 1.4289 resistance first. Sustained break there will affirm our bullish view and target 1.4721 key resistance next. On the downside, below 1.4064 minor support will turn bias neutral and bring consolidation. But downside should be contained above 1.3874 support and bring another rally.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. We'd expect strong support from 1.3671 key level to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will indicate completion of such correction and turn outlook bullish for retesting 1.6587 high. However, sustained break of 1.3671 will invalidate our bullish view and would turn focus back to 1.1602 long term bottom.

In the longer term picture, the rise from 1.1602 long term bottom isn't over yet. We'll keep monitoring the development but there is prospect of extending the rise to 61.8% retracement of 2.1127 to 1.1602 at 1.7488 and above. However, break of 1.3671 should confirm trend reversal and target 1.1602 long term bottom again.

EUR/GBP's rise from 0.8402 extended last week and reached as high as 0.8782. Outlook is unchanged that rise from 0.8420 is the third leg of corrective pattern from 0.8303. Initial bias stays on the upside for 0.8851 resistance and above.

Meanwhile, price actions from 0.8303 are seen as the second leg of the corrective pattern from 0.9304. Hence, we'd expect strong resistance from 100% projection of 0.8303 to 0.8851 from 0.8402 at 0.8950 to limit upside.

On the downside, below 0.8704 minor support will turn bias neutral and bring retreat before staging another rally.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Deeper fall cannot be ruled out yet. But we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Overall, the corrective pattern would take some time to complete before long term up trend resumes at a later stage. Break of 0.9304 will pave the way to 0.9799 (2008 high).

In the long term picture, firstly, price action from 0.9799 is seen as a long term corrective pattern and should have completed at 0.6935. Secondly, rise from 0.6935 is likely resuming up trend from 0.5680 (2000 low). Thirdly, this is supported by the impulsive structure of the rise from 0.6935 to 0.9304. Hence, after the consolidation from 0.9304 completes, we'd expect another medium term up trend to target 0.9799 high and above.

EUR/CHF surged to as high as 1.0797 last week and closed strongly at 1.0785. The strong break of 1.0749 resistance indicate short term bottoming on bullish convergence condition in 4 hour MACD and daily MACD. More importantly, it's seen as an early sign of trend reversal after defending 1.0620 key support level. That is, correction from 1.1198 could have completed.

Initial bias is now on the upside this week for a test on 1.0897 resistance. decisive break should confirm this bullish case and target 1.0999 next. On the downside, Bel;ow 1.0749 minor support will turn bias neutral first. But further rise will now remain in favor as long as 1.0689 support holds.

In the bigger picture, the decline from 1.1198 is seen as a corrective move. Decisive break of 1.0897 resistance should confirm that it's completed. And in that case, larger up trend is resuming for another high above 1.1198. Meanwhile, sustained trading below 38.2% retracement of 0.9771 to 1.1198 at 1.0653 will target 50% retracement at 1.0485.

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