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Daily Currency Outlook: Bullish On GPB/JPY, EUR/JPY Momentum Up

ByActionForex
Published 12/11/2013, 04:14 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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GBP/JPY
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 168.49; (P) 169.26; (R1) 169.87;

A temporary top is in place at 170.05 and intraday bias is turned neutral first. Near term outlook stays bullish as long as 165.86 support holds. Above 170.05 will target 161.8% projection of 147.61 to 159.98 from 156.63 at 173.72 next.

In the bigger picture, there is no clear sign of topping and indeed, the cross might be building upside momentum again. We'd be cautious on resistance from 38.2% retracement of 251.09 to 116.83 at 168.11 to bring medium term topping. But sustained break there will pave the way to 50% retracement at 183.96 and above.
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.13; (P) 141.64; (R1) 142.02;

A temporary top is in place at 142.16 after EUR/JPY hit 61.8% projection of 134.10 to 140.02 from 138.45 at 142.10. Intraday bias is turned neutral first. Break of 140.99 will indicate short term topping and bring pull back to 138.45/140.02 support zone first. Meanwhile, break of 142.17 will target 100% projection at 144.37.

In the bigger picture, medium term up trend from 94.11 is still in progress and EUR/JPY seems to be regaining upside momentum again. Sustained break of 61.8% retracement of 169.96 to 94.11 at 140.98 will pave the way to 76.4% retracement at 152.59. Meanwhile strong bounce off from 140.98 will bring pull back to 124.95 support and possibly below before staging another up trend.
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