GBP/JPY Daily Outlook
ActionForex.com Dec 18 05:46 GMT
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Daily Pivots: (S1) 149.24; (P) 150.12; (R1) 150.85
As long as 151.85 minor resistance holds, pull back from 153.39 should extend lower for 146.96 key support level. We'd look for strong support from there to bring rebound. On the upside, above 151.85 minor resistance will indicate that the pull back is finished. And intraday bias will be turned back to the upside for 153.39.
In the bigger picture, outlook is mixed up a bit with last week's sharp decline. But still, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And the corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.
EUR/JPY Daily Outlook
ActionForex.com Dec 18 05:43 GMT
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Daily Pivots: (S1) 131.98; (P) 132.35; (R1) 132.66
Intraday bias in EUR/JPY remains neutral and range trading continues. As long as 131.16 support holds, further rise is mildly in favor. Decisive break of 134.48 will resume medium term rise from 114.84 and target 141.04 resistance next. However, sustained break of 131.16 support will now indicate near term trend reversal and turn outlook bearish for 127.55 key support.
In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). Sustained break of 61.8% retracement of 149.76 to 109.03 at 134.20 will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will suggest medium term topping and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.
