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Daily Currency Outlook: GBP/JPY, EUR/JPY - April 18, 2013

ByActionForex
Published 04/18/2013, 05:56 AM
Updated 03/09/2019, 08:30 AM
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GBP/JPY Daily Outlook

Daily Pivots: (S1) 148.05; (P) 149.60; (R1) 151.10;

Intraday bias in GBP/JPY remains neutral for the moment, and consolidation from 153.86 will likely extend further sideways. Any downside attempt should be contained above 145.91 and bring rebound. We don't expect an upside break out soon. Uptrend from 118.82 is expected to resume sooner or later. Note that break of 145.91 will dampen our bullish view and turn focus to 140.37 key support instead.

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). But 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) 126.28; (P) 128.01; (R1) 129.58;

Intraday bias in the EUR/JPY stays neutral for the moment and consolidation from 131.12 would likely extend further sideways. Any downside attempt should be contained above 123.86 support and bring another rally. Break of 131.12 is not anticipated in the near term, even though rise from 94.11 is expected to resume later.

Whole down trend from 169.96 (2008 high) has already completed at 94.1 , 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 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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