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Daily Currency Outlook: GBP/JPY, EUR/JPY - April 15, 2013

ByActionForex
Published 04/15/2013, 05:43 AM
Updated 03/09/2019, 08:30 AM
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.78; (P) 151.65; (R1) 152.77;

The pull back from 153.86 extended lower, touching 4 hours 55 EMA as expected. Intraday bias remains on the downside, and deeper fall could be seen. Downside should be contained well above 145.91 minor support and bring rise resumption. On the upside, a break of 153.86 should extend recent up trend to 163.05 resistance next.

In the bigger picture, medium term fall from 163.05 has already completed at 116.83. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). A rise from 116.83 should at least be a move at the same degree as fall from 163.05. Medium term rise is now expected back to 163.05. We'll stay bullish as long as 140.37 support holds.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.09; (P) 129.44; (R1) 130.29;

The EUR/JPY's pull back from 131.12 extends lower today; intraday bias remains mildly on the downside. Deeper fall could be seen to 4 hours 55 EMA (now at 127.25) and below. Downside should be contained well above 123.86 support, and bring another rally. Above 131.12 will extend recent up trend, and target next long term retracement level at 132.03 next.

In the bigger picture, whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such a rise would likely extend to 139.21 resistance and above. Break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.


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