EURUSD main trend may have turned? same for EURJPY + USDPY updats

EURUSD WEEKLY

Yesterday's strong jump in the EURUSD in the wake of the FOMC statement has seen a couple of key levels breaking on the EURUSD chart. This may be suggestive of a larger Bullish move in the pipeline over coming weeks and months. - The top chart below shows the Weekly EURUSD in the much bigger picture. I have highlighted the significant divergence with the MACD and price at this years low. In addition I have also shown the 40 Week Simple Moving Average, this can be seen to have been a pretty reliable indicator of trend on the EURUSD. The second chart below is a close-up of the Weekly Candle chart, the break of the 40 week SMA can be seen more clearly as can a Head + Shoulder type formation on the EURUSD, with the Neckline broken overnight. - In order for these signals to be gain validity I would like to see this break up hold through to at least the weekend.

 EURJPY WEEKLY

The EURJPY is also seeing a number of Bullish signs. The top chart shows the Long-Term weekly EURJPY chart. The recent low has also produced significant Bullish Divergence between the major lows of the past few years. The lower chart shows a close-up of the Weekly Candle Chart, I have highlighted a Falling Wedge pattern on the EURJPY, which has seen a breakout over the past couple of weeks, this has strong potential as a significant reversal pattern. Finally I have highlighted a break of the downtrend in momentum on both the RSI and MACD, although I always consider momentum as secondary indicator to price, breaks in the trend in momentum can still be catalysts for significant moves when accompanied by a price pattern or set-up. 

USDJPY Update.

The USDJPY has come back to test the breakout of the July - September descending channel @84.70/75 after failing to take out the 86.00 level, it has since moved a little further hitting a low at 84.52. Whilst I consider this a re-test, I would have liked to have seen 70/75 hold, I now consider the 84.38/40 area as key intraday support, this is the 50% retrace and the intraday highs on the 10th/13th Sept before the drop to new lows and the intervention rally.  - A failure to rebound back above at least 85.00 in the next day or so, would lead me to question my more Bullish view, whilst a move over 86.00 would bring the Bullish scenario very much back into play.