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Daily Currency Outlook: GPB/JPY, EUR/JPY - April 2, 2013

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

Daily Pivots: (S1) 141.40; (P) 142.39; (R1) 142.99;

Intraday bias in GBP/JPY remains on the downside for the moment. As noted, a fall from 145.85 is viewed as the third leg of the consolidation from 147.97, and would extend lower to 137.87 support and possibly below to 38.2% retracement of 118.82 to 147.97 at 136.83. Meanwhile, a break of 143.39 minor resistance will turn focus to 145.85 resistance 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). A rise from 116.83 should at least be a move at the same degree as a fall from 163.05. Medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.

GBP/JPY H4

GBP/JPY
EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.23; (P) 120.04; (R1) 120.60;

Intraday bias in EUR/JPY remains on the downside for the moment. Fall from 126.03 is part of the correction pattern from 127.70 and should target 118.71 and below. We expect downside to be contained by 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to complete the consolidation. Meanwhile, above 121.86 minor resistance will turn bias back to the upside for retest 126.03 resistance first.

Whole down trend from 169.96 (2008 high) has already completed at 94.11, on bullish convergence condition in weekly MACD. The 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. We'll stay bullish as long as 111.43 resistance turned support holds.
EUR/JPY H4

EUR/JPY

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