Gold- A nice start of the week for bulls (at least so far)

In my Friday comment, I wrote that, after such an impressive upmove, there is a pretty good chance of a correction, indicating 1975 as the confluence support zone that traders should look at.
Asian session opened with a drop in that zone and bulls quickly took control and elevated the price back above 1980
On the h4 posted chart, we also see a long-tailed pin bar in this confluence support zone that also favors bulls.
That being said, my bullish outlook remains intact as long as we don’t have a clear break under support and a rise back to last week’s highs could lead to upwards acceleration.

In my Friday’s post, I said that there is a high chance for a top in UsdJpy, bears need confirmation though and this comes with a break under the 150 confluence support zone.
Indeed, after my post (just a coincidence:) ), the pair dropped under this level and now we could consider a top in place.
In the Asian session, the pair also tested the broken level and now is trading around 149.
That being said, I’m bearish UsdJpy and I’m looking to sell rallies.
148 is the immediate support, but I wouldn’t be surprised if the pair is dropping to 145 in the longer term

Also, looking at the weekly chart things are very bearish at this moment

Two weeks ago we had a long-tailed Pin Bar, last week a Bearish Engulfing and also, and very importantly, the hole structure is a Bat harmonic pattern.

EurJpy- Back under 160?

As explained in my JPY Index post, I expect a strong correction for JPY pairs (bullish JPY)
Also in EurJpy’s case, it looks like we have a top and with the pair on interim support, we could expect break down.
I’m looking for a drop back under 160 for this pair and, in my opinion, rallies should be sold.
EurJpy back above 163.70 would negate this scenario